RTRS - China to raise soybean, soyoil and palm imports - Oil World
Posted by Labels: Trader's highlightHAMBURG, Jan 29 (Reuters) - China is set to increase its soybean, soyoil and palm oil imports in the current 2012/13 season to meet demand created by the country’s continued economic growth, Hamburg-based oilseeds analyst Oil World said on Tuesday.
Soybean prices hit record highs in September 2012 after drought ravaged the U.S. crop, compounding supply shortages after poor Argentine and Brazilian harvests. However, huge South American crops are expected in early 2013, which may relieve pressure on world supplies created by China's rising appetite.
China's soybean imports in October 2012 to September 2013 will rise to 62 million tonnes from 59.2 in 2011/12 and only 50.3 million tonnes in 2009/10, Oil World forecast.
Soyoil imports in 2012/13 will rise to 1.55 million tonnes from 1.50 million tonnes in 2011/12, while 2012/13 palm oil imports will jump to 6.65 million tonnes from 5.95 million tonnes in 2011/12, it said.
However, the analyst added that China may have trouble buying all the soybeans it wants until the new harvests from South America become more widely available in the second quarter of 2013.
“Soybean imports may decline by 2 million tonnes to 12 million tonnes January to March 2013, as very little will be available from South America in this period,” it said.
“But for April to September 2013 we forecast a rise in Chinese imports to 35.9 million tonnes, versus 31 million tonnes, which must be covered largely by South American soybeans as U.S. export supplies will be depleted by then.”
Palm oil is expected to cover the bulk of edible oil import requirements, assuming that exporters are able to meet the stricter Chinese quality standards that took force on Jan. 1, Oil World said.
Imports of palm oil were boosted to a “spectacular” 960,000 tonnes in December 2012 from 669,000 tonnes in December 2011 as importers built up stocks ahead of the new quality regulations, it said.
Traders said on Jan. 24 that Chinese authorities have ruled that Malaysian palm oil shipments were reaching the new quality standards.
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