China-Farm imports down.

CHINA-FARM IMPORTS DOWN.

China’s soybean and edible oil imports in January fell sharply on year as traders were unwilling to make aggressive purchases amid expectations of a slide in demand.

Soybean imports last month reached 3.03 million metric tons, down 12% on year, according to preliminary data issued by the General Administration of Customs Wednesday.

The imports had posted on-year rises of 13% in December and 41% in January 2008.

Meanwhile, edible vegetable oil imports in January fell 43% to 290,000 tons, compared with a 10% on-year rise in December a 9% on-year fall in January 2008.

"Traders dared not to import (soybeans) in large volumes in November and December as there was no clear trend for soybean prices due to the fluctuation (at that time)," said Qi Zhiyun, the research manager at Tianqi Futures.

It takes at least a month for soybeans to arrive Chinese ports after traders buy them at the Chicago Board of Trade.

The global financial crisis has sent commodities prices sharply lower since the second half of last year.