China has increasingly imported US soyaoil in past weeks, turning its back on rival Argentine supplies for unclear reasons, Hamburg-based oilseeds analysts Oil World said on Tuesday. China, the world's largest soyaoil importer, has not made major purchases from South America in the past few weeks, Oil World said. Oil World also believes Brazilian supplies are practically sold out for nearby shipment.
"We are not aware of any particular reason why China has not purchased Argentine soyaoil since end-November and instead turned to US-origin at a (price) premium," it said. "We assume there are political reasons behind this." "Chinese soyaoil imports are currently still made by government companies and according to government instructions."
China had stopped Argentine soyaoil imports for six months in 2010 because of a wider trade dispute but the issue was resolved in October. An Argentine government official said on January 11 it was hoped China would resume purchases soon despite low recent buying but there have been reports in Buenos Aires that the trade dispute is continuing.
Oil World estimated Argentina's December soyaoil exports to China were about 20,000 tonnes but it also said it is possible none was shipped. It estimated US December soyaoil exports to China at about 85,000 tonnes, up from 60,000 tonnes in November, while a further 40,000 tonnes were sold in January, it said.
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