Importers buy Brazilian soybeans, Canadian canola

22.07.2016

Importers have in recent weeks purchased about 330,000 tonnes of soybeans to be sourced from Brazil and also recently bought about 30,000 tonnes of Canadian canola, European traders said on Thursday. The soybeans are for shipment between February and May 2017 in five consignments, they said. The canola (rapeseed) was for November and December shipment purchased in part ship loads, they said.

The canola for November shipment was purchased at low prices of around $415 to $419 a tonne c&f and the December shipment was purchased at around $423 per tonne c&f, they said. Pakistan has been a heavy buyer of soybeans and other oilseeds in past months as local processors increased seed crushings. Import tariffs favour purchases of oilseeds rather than processed oilseed meals for animal feed. Traders said it was possible that Pakistani importers could purchase more soybeans for October 2016 to January 2017 shipment, with feed meal demand in Pakistan remaining very strong. Purchases of rapeseed /canola for September / December 2016 shipment are not yet seen as sufficient to meet demand, traders said.


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