Pakistan has bought about 180,000 tonnes of soybeans

HAMBURG: Pakistani importers have recently purchased about 180,000 tonnes of soybeans expected to be sourced optionally from the United States or Brazil, European traders said on Monday.

The soybeans are for shipment in April and May 2018.

The purchases were made in three 60,000 tonne consignments from exporters in the United States at premiums over Chicago soybean futures, they said.

In early June traders said that Pakistani importers had purchased about 600,000 tonnes of soybeans, also expected to be sourced from the United States and Brazil.

Pakistan has been a heavy buyer of soybeans from North and South America in recent months. Higher import duties on soymeal in Pakistan have fuelled larger imports of unprocessed soybeans.

Pakistan's import duty policy is aimed at stimulating its local oilseed processing industry.

Pakistani importers have also been purchasing Canadian canola/rapeseed, traders said.