China Soybean Imports Jump 6.3% as South America Shipments Rise

China’s soybean imports in September through December rose 6.3 percent from a year earlier as shipments from Brazil and Argentina doubled, Oil World said.

China bought 19.3 million metric tons in the three months through December, Oil World said. Shipments from Brazil climbed to 4.57 million tons from 1.54 million a year earlier and Argentina’s exports to the Asian nation climbed to 3.15 million tons from 1.52 million, Oil World said in a report today. U.S. soybean shipments to China fell 23 percent, the researcher said.

“This indicates a turnaround in Chinese soybean imports,” Oil World said. “Considering shipping time, arrivals of soybeans at Chinese ports will show a similar increase by about 1.1 million to 1.2 million tons from a year earlier in October/January 2011/12.”

China’s soybeans imports may be about 56 million tons in the August to July 2012 season, down about 1 million tons from a previous estimate and higher than 53.1 million tons imported in the August to July 2011 season, it said.

Increased arrivals into China have resulted in higher stockpiles, slowing demand from the country, Oil World said. Demand for soy meal to feed livestock and cooking oil made from the crop that has been smaller than expected is a “temporary development,” according to the report.

“We expect Chinese demand for soya meal to continue to increase sizably this season owing to rising demand in the expanding pork, poultry and aquaculture industries,” the researcher said.

To contact the reporter on this story: Tony C. Dreibus in London at tdreibus@bloomberg.net.

To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.