China may raise soyabean purchases in coming weeks as Chinese inventories remain low, Hamburg-based oilseeds analysts Oil World said on Tuesday. US soyabean prices firmed last week following trade talk of new Chinese purchases. "Additional purchases are imminent in the near to medium term," Oil World said.
"With Chinese soyabean stocks currently down sharply from a year earlier owing to recent low imports and another decline in the domestic soyabean crop this season, imports have to be stepped up sizably during the remainder of the season." China will import 58.5 million tonnes of soyabeans in October 2011/September 2012, Oil World estimates. This is similar to forecasts by Chinese purchasing executives on November 14. Oil World estimates China's November 2011 soyabean imports will rise to 5.5-5.6 million tonnes against 3.8 million tonnes in October. China's commerce ministry estimates November imports at 5.63 million tonnes.
China will import at least 5.3 million tonnes of soyabeans in December 2011, Oil World estimates. "With arrivals from South America still very high in October-December 2011, the market share of US soyabeans will remain comparatively small and sharply below a year ago," it added.
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