Domestic imports of soybeans and edible oil hit new highs in July

China imported a record 9.5 million tons of soybeans in July, up 17.4% from 8.09 million tons in June, as buyers took advantage of weak prices, according to data released by the General Administration of Customs. China is the world's largest importer of soybeans.

The surge in soyabean imports has been driven by record imports from South America over the past few months. China's soyabean imports are expected to remain high in August but are likely to fall later this year.

"We expect soyabean imports to remain high in August, but they are likely to decline from September and October," said one analyst. "

According to data released by the General Administration of Customs, China imported 44.66 million tons of soybeans from January to July this year, an increase of 7.1 per cent over the same period last year. But soyabean imports fell 19.7% from a year earlier.

In China, crushing profits remain low and soybean factories are reluctant to order US soybeans, analysts say.

Heavy imports of Brazilian and Argentine soybeans have slowed sales of new crops in the US, the slowest start in six years, but the chief executive of Bonji said China was expected to accelerate procurement in the fourth quarter.

Figures show that China imported 880000 tons of vegetable oil in July, an increase of 27.5% over the previous month.