The increase in imports of soybean in China supported the market
In the first quarter of this year, China imported of 19.52 million tons of oilseeds, which is 20% higher than in the same period of 2016.
According to the General administration of customs of China,in January 2017, the country imported of 7.66 million tons of soybeans in February was 5.54 million tons. In March, imports of soybeans rose to 6.33 million tons., which is 3.8% higher than the import volume in March 2016.
This was the key factor for traders who are after the "bearish" USDA report started to buy soy, with the result that prices rose from us $350/MT to 355 $/t
According to analysts, the company Wilmar in China there is a strong potential to increase domestic consumption of sunflower oil. If you compare oil consumption with the dynamic development of this industry in India, we can expect the growth of domestic consumption of sunflower oil in China in the near future in 2.5 times, from 0.9 to 2.4 million tons.