Chinese soybean imports may surge 10 percent in the marketing year that started on Oct. 1, increasing the country’s share of world purchases to 60 percent, Hamburg-based researcher Oil World said.
China’s inbound soybean shipments will total 57.8 million metric tons this year, Oil World said today in a report. Global imports will total 95.9 million tons, according to the report. Brazilian shipments to China surged to 1 million tons in November from 10,000 tons in the same month a year earlier and Argentinian exports to the East Asian country more than tripled to 400,000 tons, according to the report.
“Chinese imports are picking up,” Oil World said. “The latest exports of soybeans to China were quite impressive with shipments from South America unusually high.”
Soybean futures have dropped 21 percent this year on the Chicago Board of Trade. The price has declined on speculation that demand for raw materials used to make food and fuel will fall amid faltering global economies.
China imported a total of 5.41 million tons from the U.S., Argentina and Brazil in November, up 3 percent from the same period a year earlier, Oil World said. China’s share of the soybean-import market was 58 percent last year, data from the researcher show. Production in the country may fall 8.7 percent, according to the report.