China, the world's top soyabean buyer, imported 7.19 million tonnes of the oilseed in September, almost level with the same month last year, and well above market forecasts as buyers rushed to fill a looming supply gap. Imports, only slightly lower than last year's 7.26 million tonnes, had been forecast at around 6 million tonnes, after higher global prices earlier in the year curbed buying while state sales added fresh supplies to the market.
The reserve sold 1.65 million tonnes of beans between mid-July and the end of September. But as the market took stock of the forecast big drop in September imports, some buyers worried about a potential supply gap likely made last-minute purchases, said Liang Yong, analyst at Galaxy Futures. Delays to August arrivals may also have swelled the September numbers, he said.
Imports are expected to fall to around 6.5 million tonnes in October, but total imports for the year will be higher, added Liang. Imports for the first nine months of 2016 stood at 61 million tonnes versus 59.65 million tonnes a year ago, customs data showed on Thursday.