Monday, 07 September 2015 17:06
HAMBURG: Pakistani importers have bought about 66,000 tonnes of soybeans to be sourced from Brazil as the country continues its turn away from imports of soymeal, European traders said on Monday.
The soybeans are for July 2016 shipment, they said.
They were purchased at a premium of $ 46.00 over Chicago soybean futures, they said.
More soybean purchases by Pakistani importers were expected, traders said. Pakistan has been a major buyer of soybeans this year as import duties and local sales taxes have made soybean imports for local crushing more attractive than soymeal imports.
In August, Pakistani importers also purchased 66,000 tonnes of Brazilian soybeans for May 2016 shipment.
Oilseed processors in Pakistan are also increasing soybean crushings to replace rapeseed/canola, traders say.
