China soybean imports in November hit highest in nearly a year

BEIJING: China, the world's largest soy buyer, imported 7.84 million tonnes of soybeans in November, the highest in nearly a year, government data showed on Thursday, as crushers replenished stocks ahead of the peak consumption period.

Imports surged 50.5 percent from October and were 6 percent higher than November last year, figures from the General Administration of Customs of China showed. It was the loftiest since December last year.

The big month-on-month jump reflected the arrival of beans that were delayed from October due to longer shipping routes.

Analysts said the buying spree could continue into December, reaching as high as 9 million tonnes. The current record of 9.5 million tonnes was set in July 2015.

The winter months are usually the busiest for imports as the U.S. crop hits the market at the same time as demand from hog farmers surges ahead of Chinese Lunar New Year. The week-long Spring festival starts at the end of January 2017.

"Due to the early Spring Festival, the overall arrivals are much larger than last year," said Monica Tu, analyst at JCI.

Imports of vegetable oils in November were 510,000 tonnes, up 64.5 percent from the previous month.