By Bloomberg News May 11 (Bloomberg) -- China’s soybean imports, the world’s biggest, may jump to a record 46 million metric tons in the 2009-2010 year as shipments in the next three months are expected to surge, the China National Grain and Oils Information Center said. Imports in June may reach a record 6 million tons after exceeding 5 million in May, the state-backed market information provider said in an e-mailed daily report, citing its monitoring of shipments. June’s imports may jump partly because of delays to cargoes booked in previous months, it said. China’s imports in the year through September are estimated at 43.5 million tons by the USDA. Better-than-expected demand spurred by China’s double-digit economic growth and an embargo on soybean oil from Argentina have helped imports rally, supporting gains in Chicago soybean prices. “No question China’s strong buying is supporting Chicago prices,” said Li Zhao, manager at Yongan Futures Co., by phone from Hangzhou. Soybeans traded in Chicago rallied 6.2 percent in April and have dropped 3.8 percent this month. The contract for July delivery was little changed at $9.6125 a bushel at 12:17 p.m. in Singapore. The grain center’s import estimate exceeds last year’s total by 4.9 million tons, or 12 percent, it said. Total imports in the first seven months were 25 million tons, according to Bloomberg calculations based on customs data. Soybeans Strong China’s imports will “without a doubt” exceed 43 million tons, Li said. “The soybean complex looks stronger given China’s demand and relatively low ending inventory.” Local crushers including Cofco Ltd. and Chinatex Grains & Oils Co. have since March raised their forecasts for imports in this marketing year to as much as 45 million tons, according to officials at the state-owned companies. China’s embargo on soybean oil from Argentina, the world’s biggest supplier, won’t be lifted soon because government agencies are still studying the issue, the grain center said in a separate report. Imports from Argentina won’t resume until the South American nation raises the standard of its product, the center said in the report, citing Vice Minister of Commerce Jiang Yaoping. China doesn’t need to resolve the problem urgently because demand for soybean oil is typically low at this time of year, when palm oil supplies from Malaysia and Indonesia start to increase, Li said. China may let soybean oil prices climb so that it can rotate its stockpiles at better rates, he said. State reserves of soybean oil were purchased at about 8,000 yuan a ton, and the prevailing market price is about 7,000 yuan, he said. China can also buy soybean oil from the U.S., or source Argentine beans from third-party exporters like Brazil or other South American countries, Li said. --William Bi. Editors: Jarrett Banks, Matthew Oakley. To contact the reporter on this story: William Bi in Beijing at wbi@bloomberg.net

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