China will import 14 percent more soybeans in the first three months of 2012 than a year earlier because of declining oilseed output and rising demand. It will import 12.5 million metric tons of soybeans from January through March this year. Shipments to China totaled 4.12 million tons in January, up from 3.77 million tons in December. According to the USDA, Soybean exporters in the U.S., expected to be the second-biggest shipper behind Brazil in 2011-12, sold 2.923 million tons to China in the biggest one-day deal on record. China has stepped up purchases of U.S. soybeans and will have to do more in the weeks and months ahead. Due to the severe crop losses in South America, China has become more dependent on U.S. soybeans. In China, declining oilseed production and rising demand have further widened the production deficit, which must be filled with higher imports.· Soybean futures have gained 6 percent this year, partly on speculation that demand from China will increase and as dry weather has cut South American production. China said on Feb. 15 it would buy 8.62 million tons of soybeans valued at $4.3 billion from the U.S.
- Source: Bloomberg
