AMSTERDAM, May 14 (Reuters) - Major
importers of soybeans will rely on increasing volumes from South America in the
next six months as exports from the U.S. slow down because of lower stocks, Oil
World said on Tuesday.
The German analyst said higher U.S.
exports between September 2012 and February 2013 depleted stocks in the world's
top exporter, making export rationing inevitable.
"The situation will improve
only with the arrival of new crop U.S. soybeans into the second half of
September," Oil World said.
"As a result, China and other
soybean-importing countries will remain highly dependent on sharply increasing
South American soybean exports in May/August 2013."
Exports from Argentina, Brazil,
Paraguay and Uruguay are expected to rise sharply in May to 10.8 million
tonnes, from 10 million in April and 9.6 million tonnes in May 2012.
"A major change has happened in
Brazil with an extension of the working hours at the ports from eight hours to
24 hours for the five days from Monday to Friday," Oil World said.
"This change came into effect
at the port of Santos from April 24 and the ports of Paranagua and Rio Grande
from May 3."
The German analyst said exports from
Brazil will reach 7.6 million tonnes unless rains interrupt shipping.
It said China's soybean imports are
expected to rise noticeably in May, June and July as it moves to replenish
stocks following lower-than-expected imports in January to April.
"Chinese soybean imports had
fallen to only 15.5 million tonnes in January to April 2013, compared with 18.1
million tonnes a year earlier," Oil World said.
Oil World said higher soybean
shipments are expected to reach the European Union, indicating that soybean
crushing is turning out higher than expected in the second half of the season.
