RTRS - U.S. to win more China soyoil sales on tight supplies - Oil World
Posted by Labels: Trader's highlightHAMBURG, Nov 20 (Reuters) - The United States is likely to win more soyoil sales to China in the final weeks of 2012 as supplies from South America sell out after poor soybean crops earlier this year, Hamburg-based oilseeds analysts Oil World said on Tuesday.
In October, Brazil exported a hefty 91,000 tonnes of soyoil to China, Argentina exported 110,000 tonnes and the United States lagged behind with an estimated 76,000 tonnes, Oil World said.
“But a slowdown (in Brazilian and Argentine sales) is likely to occur in November and December due to declining production and export supplies of the two South American countries,” Oil World said.
“Therefore China has shifted to U.S. origin, resulting in a sharp increase in U.S. soyoil exports to China in Oct./Dec. 2012.”
China has been increasing its overall soyoil imports from all countries since mid-2012 as domestic demand continues to rise, it said.
China is likely to import 1.7 million tonnes of soyoil in Jan./Dec. 2012, up 0.57 million tonnes on 2011 and a three-year high, Oil World forecast.
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