HAMBURG: Pakistani importers have bought about 66,000 tonnes of soybeans to be sourced from Argentina as the country turns away from imports of soymeal, European traders said on Thursday.
The Argentine soybeans were for November shipment, they said.
“Pakistan has in past weeks bought close to 200,000 tonnes of soybeans for September/November shipment,” one European trader said.
“This is an exceptionally large number.”
Traders had on Monday reported that another 126,000 tonnes of soybeans had been purchased by Pakistani importers from Argentina and Uruguay.
More soybeans were expected to be bought by Pakistani importers, they said.
Pakistan’s soybean imports are expected to rise following a decision by Pakistan’s government to increase the import tariff on soybean meal from July 1, the US Department of Agriculture (USDA) said on July 7.
The USDA forecasts Pakistan’s soybean imports will rise from 450,000 tonnes in the previous 2014-2015 season to about 1 million tonnes in the current 2015-2016 season.