Chinese imports of soyabeans jumped to the third-highest volume on record in December, according to customs data, boosted by strong demand in the run-up to next month's Lunar New Year holiday and healthy crushing margins. December imports by the world's top soya buyer came in at 9.55 million tonnes, up 10 percent from the month before and up 6 percent from December 2016, according data released on Friday by General Administration of Customs.
China's imports of the oilseed for all of 2017 hit an annual record of 95.54 million tonnes, up 13.9 percent from last year's 83.91 million tonnes, the customs data showed. "Demand is usually strong in December as feed producers build up stocks a couple of months before Spring Festival. Crushing margins are good too, supporting robust demand from crushers," said Tian Hao, senior analyst with First Futures.
The Spring Festival holiday, or Lunar New Year, will start on February 15. It is China's biggest holiday and the peak season for meat demand. China imports soyabeans to crush into soyameal, a key ingredient in animal feed for the nation, which holds the world's biggest herd of pigs.
Soyabean crushing margins have remained healthy since early August, fuelling the appetite for more imports despite delays in getting import certificates.