Chinese agricultural imports climbed higher through December last year, with imports of soybeans and palm oil both soaring to fresh one year highs. Chinese imports of soybeans climbed 15% MoM to 8.996mn t, although imports of soybean oil dipped 13% MoM to just 79,200t. Chinese rapeseed oil imports also fell 17% MoM to 61,200t.
US exports of soybeans destined for China so far in January have reached 1.62mn t according to USDA, down over 1mn t from exports during the same period in December. Meanwhile, total Brazilian soybean exports so far this month have reached 227,300t, roughly on par with month ago levels. The US is expected to remain the main supplier of soybean oil to China through Q1 2017, with Brazilian soybeans for the 2017/18 harvest coming on the market in March/April.
Meanwhile, Chinese offtake of Malaysian and Indonesian palm oil soared through December, climbing 52% MoM to 679,500t. However, Malaysian palm oil exports destined for China have dipped lower since the beginning of January, falling 15% MoM according to inspection data, as Chinese buyers enter holiday mode ahead of the Chinese New Year Celebrations.