BEIJING: China, the world’s top soyabean buyer, imported 5.21 million tonnes of the oilseed in October, down 5.79 percent year-on-year, customs data showed. The volume was slightly below market forecasts of about 5.4 million tonnes after a relatively high level of imports the month before. It marked the lowest monthly imports since February, when arrivals dropped to less than 5 million tonnes due to the Lunar New Year holiday that month.
However, analysts said they were not concerned by the numbers, with October imports traditionally low after sales from South America finish and before the United States begins its season. “This data won’t have much impact,” said Liang Yong, analyst at Galaxy Futures. Arrivals are expected to pick up in coming months after buyers return to the market to replenish stocks ahead of the peak meat-consumption period during the next Lunar New Year.
Imported soyabeans are crushed into oil and meal, which is a major component of animal feed. Imports for the first 10 months of 2016 stood at 66.4 million tonnes versus 65.2 million tonnes a year ago. Imports of vegetable oils in October came to 310,000 tonnes, down 40.4 percent from the previous month.
