China, the world's top soya importer, has increased imports of rapeseed to bridge a shortage of soyabeans expected in coming months after severe drought cut supplies from the United States, an official think-tank estimated on Friday.
Rapeseed imports in the fourth quarter of the year will surge 86 percent from the year-ago period to 1.1 million tonnes, said the China National Grain and Oils Information Center (www.grain.gov.cn). China imported 1.75 million tonnes of rapeseed in the first seven months of the year, almost all from Canada, the world's largest exporter of rapeseed, also called canola.
Traders had expected China's imports to reach close to a record of more than 3 million tonnes this year in the wake of damage to domestic crops and expanded crushing capacity. The center expected imports in October were between 450,000 and 500,000 tonnes and at 350,000 tonnes for November.
But orders of new Canadian canola since July have slowed after rising canola prices offered no margins for crushers, the center said. China imported its largest volume of Canadian canola in three years during the year to July 2012, despite trade curbs.
The rising rapeseed imports would help cover shortages of meal, an ingredient of animal feed, after the most severe drought in decades in the United States, the top exporter, cut supplies to China. Analysts expected China to import nearly 40 percent less soyabean in the fourth quarter of the year than the corresponding period a year ago.
Comments
Comments are closed.