UPDATE 2-China Sept soybean imports jump as low stockpiles spur buying
Sept arrivals higher than expected
Follows months of declining stocks
Arrivals from U.S. jump, Brazilian beans lower
(Adds comment and origins of soybeans)
By Dominique Patton
BEIJING, Oct 24 (Reuters) - China's soybean imports in September rose 12% from a year earlier to 7.72 million tonnes, customs data showed on Monday, reversing a months-long trend of low arrivals.
The world's top buyer of soybeans curbed purchases in prior months because of high global prices and poor profits from crushing beans to make animal feed.
However, the September imports were up from 6.88 million tonnes a year earlier, data from the General Administration of Customs showed, and also higher than August imports of 7.17 million tonnes. <CNC-SOY-IMP>
The arrivals were slightly higher than some traders had expected but came amid an increasingly urgent need to rebuild stockpiles.
With hog farming profits surging since the summer, demand for soymeal has picked up, sending prices soaring in recent weeks on tight supply.
"August imports were unusually weak and stocks levels were already starting to get low in July and August," said Darin Friedrichs, co-founder of Shanghai-based consultancy Sitonia Consulting.
Though the September arrivals are higher than usual for this time of the year, overall imports for the first nine months of the year are still down 6.6% compared with last year at 69.04 million tonnes.
Global soybean prices soared this year after bad weather cut production and exports from Brazil, China's top supplier, pushing benchmark prices close to a decade-high in June.
The high prices and lacklustre demand from the livestock sector earlier in the year curbed the appetite for soybean purchases.
The increase in September arrivals came largely from the United States, which shipped 1.15 million tonnes to China last month, up from 169,439 tonnes in September 2021, customs data showed.
Imports from Brazil slipped to 5.58 million tonnes versus 5.936 million tonnes last year. (Reporting by Dominique Patton; Editing by Tom Hogue and Christian Schmollinger)
© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp