UPDATE 1-China April soybean imports climb around 60 pct on year

jueves 8 de mayo de 2014 00:12 GYT
 

* China April soy imports at 6.5 mln T, highest so far this year

* Imports could slow from June -analysts

* Beijing to sell state soy stocks from next week (Adds comment, detail)

BEIJING, May 8 (Reuters) - Chinese imports of soybeans hit their highest so far this year in April, climbing 63.5 percent from the same month in 2013, official customs data showed on Thursday.

Imports by the world's biggest soybean buyer stood at 6.5 million tonnes in April, up 41 percent from March's 4.62 million tonnes. Growth was helped by more imports from Brazil, China's top supplier, after port congestion last year delayed shipments.

The April numbers bring the country's total imports in the first four months of 2014 to 21.85 million tonnes, up 41.2 percent on a year earlier, said the General Administration of Customs.

"There are no logistics problem in Brazil, not like last year. We expect imports to slow down from June after buyers earlier cancelled cargoes over negative margins," said Li Lifeng, an analyst with industry portal www.cofeed.com.

Excessive imports coupled with poor crushing margins have led some buyers to try to cancel or default on cargoes.

But a rebound in domestic soymeal prices <0#DSM:> has narrowed crusher losses to about 200 yuan ($32.08) for processing one tonne of beans into meal and edible oil. That compares with 300-400 yuan per tonne losses in the first quarter, analysts said.   Continuación...