December 13, 2010
 

China's November soy imports up 47%

China, the world's largest soy buyer, imported 5.48 million tonnes of soy in November, up 46.9% from October, figures from the General Administration of Customs showed on Friday (Dec 10).

Good crushing margins in the middle of the year coupled with expanding domestic crushing capacities have spurred crushers to increase imports of the oilseed, which is crushed into soyoil and soymeal, a feed ingredient.

China's recent soy purchases have slowed down after Beijing's imposition of a cap on soyoil prices eroded crushing margins for some soy plants, which have stopped operation.

Some Chinese buyers have tried to defer their US cargoes. Crushers expect margins to improve after Beijing lifts the price cap in March.

Planting delays in South America have also caused worries about the availability of supplies starting in March, when Chinese buyers normally shift away from US cargoes.

"Buyers could shift back to US soy again in March from South America, where plantings have been delayed and prices were also quoted higher," said one trading manager.

The November imports bring the total imports in the first 11 months of the year to 49.37 million tonnes, a rise of 30.7% from a year-ago period.

China's commerce ministry estimated that the country's December imports would be higher, at 5.8 million tonnes.

Official customs figures showed China's imports of vegetable oils in November were 600,000 tonnes, up 13.2% from the previous month.