1.5 million tons of soy sailing to China?

Related tags Soybean

China's soybean shopping team left for the US this week. Top of the
list? Contracts in the range of 1.5 million tonnes of soybeans,
predicts the Chinese government.

Members of the team are mainly large domestic enterprises, including the China Grain & Oil Import & Export corporation, Henan Grain & Oil Import & Export Dalian Agricultural Oil & Fat company, and East Ocean Grains and Oils, one of the largest crushers in China, said the Chinese government in a statement today.

The Chinese shopping delegation will hold talks with American grain companies later today and 'may sign a soybean purchase contract,' said the government.

"The contract involving 1.5m tons of soybean is only a letter of intent," said a spokesman for the soy industry, a hidden message perhaps for the Americans not to get too excited.

"Soybean trade involves many factors. The contract of 1.5m tons is likely to be an agreement on quantity - the specific time and price have not been confirmed," he added.

According to statistics from China Customs, the total import volume of soybean into China amounted to 1.918m tons in the first 11 months of the year.