Projected record soya imports by China in December and January, coupled with Beijing's subsidies for domestic soyabeans, are likely to reduce subsequent overseas purchases by crushers in the north, according to an official survey on Thursday.
Soya imports in December were expected to reach 4.8 million tonnes, higher than the record in June, while January imports are projected to stay at the same high level, the China National Grain and Oils Information (CNGOIC) said. Qualified crushers in the north-east have begun to buy domestic soyabeans after Beijing agreed to offer subsidies, offering them a good crushing margin.