Guangzhou China Nov. 11, 2010 - Under the growing contradiction between supply and demand of soybean day after day, the price of soybean meal and soybean oil will continue to increase. As the main raw material (soybean) is inadequate to meet the demand, the domestic oil spot price will continue to increase greatly in China. According to census data, the import of soybean is only 3,730,000 tonnes in China in Oct. 2010, which is a record low during the past three months, down 19.6% compared with that in September. In the past ten months, the import of soybean is 43,900,000 tonnes, up 25.8% over the same period of last year.
China is still on the way to increase the import of soybean. The Ministry of Commerce said that the import of soybean is up to 5,165,300 tons, which is higher than the predicted quantum of 4,646,900 tons.
It is understood that the import of soybean will continue to increase in the next two months and in 2011, due to the increasing demand of its downstream products.
Source: CCM International