HAMBURG: Pakistani importers have bought about 50,000 tonnes of soybeans from the United States, an unusual transaction that could signal a move away from canola and soymeal buying to more soybean imports, European traders said on Monday.
The purchase was made for February 2015 shipment from the U.S. Gulf, traders said.
"Pakistani oilseed crushers are starting to calculate that the profit margins of importing soybeans are more attractive than importing canola (rapeseed)," a European trader said. "Soybeans have a larger meal yield than canola and this would enable some of Pakistan's strong demand for soymeal for animal feed to be met with local production."
Pakistan currently makes large imports of soymeal, especially from neighbouring India, and also buys from Argentina.
It imports canola from Canada and Australia as well, and rapeseed from the Black Sea region.
"The higher meal yield of soybeans make the bean imports more attractive and I expect that Pakistan will import 300,000 tonnes of soybeans in 2015 with Indian soymeal replaced especially in the local animal feed market," another trader said. "Pakistan's soyoil imports will also be reduced if more beans are imported."
Pakistan made no reported soybean imports in the calendar year 2013 and in the first five months of 2014, according to the U.S. Department of Agriculture website.
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