January 22, 2013

China wheat imports concludes 2012 on weak note

China's crop imports concluded on a weak note in 2012, with depressed crush margins for some processors, below highs earlier last year.

China's imports of corn last year near-tripled to a record 5.21 million tonnes, with rice buy-ins also setting an all-time high by rising 305% to 2.34 million tonnes.

Wheat buy-ins tripled to 3.69 million tonnes mainly from Australia, from where purchases soared to 2.43 million tonnes from 281,000 tonnes in 2011.

Among soft commodities, coffee imports rose by one-third, to 57,585 tonnes, while sugar buy-ins rose 28% to 3.75 million tonnes.

However, the increases defied a weaker December performance among many commodities.

For wheat, imports plunged 97% from December 2011 levels to 5,527 tonnes, while halving for corn, and barley.

The rate of increase in rice buy-ins remained robust, at 257%, but below its year average.

Soy imports eased to a 9.9% rate of increase, from a year-average of 11.3%, while growth in rapeseed buy-ins slowed to a crawl, and in soymeal to a trade 800 tonnes, - down 98% on year.