Chinese imports of soybeans from Brazil fall in June; US shipments win

Chinese imports of soybeans from Brazil in June fell while shipments from the United States increased, customs data showed on Wednesday, as high prices dampened demand for South American shipments.

China, the world’s biggest buyer of soybeans, imported 7.24 million tonnes of oilseeds from Brazil in June, up from 10.48 million tonnes a year earlier, according to data from the General Administration of Customs.

Last month, total imports fell 23% from a year earlier to 8.25 million tonnes as high world prices and weak demand dampened appetite for oilseeds, customs data showed. earlier.

Shipments from the United States in June amounted to 773,114 tons, compared to 54,806 tons in the same month last year, according to customs data.

Chinese buyers have turned to US soybeans for better profits during the peak Brazilian soybean export season as bad weather has pushed up oilseed prices in the South American country.

In the first six months of the year, China imported 27.71 million tons of Brazilian beans, compared to 26.13 million tons in the same period of 2021.

Imports from the United States from January to June amounted to 17.54 million tons, compared to 21.57 million tons the previous year.

Low crush margins have weighed on crushers’ appetite for soybeans in recent months. Crushers at Rizhao’s main processing center currently lose about 682 yuan for every ton of soybeans processed. CNSOY-RZO-MRG

Demand for soybean meal from the animal feed industry has come under pressure after pig farmers suffered huge losses earlier this year, while prices for edible oils also fell.
Source: Reuters (Reporting by Dominique Patton; Additional reporting by Emily Chow and the Beijing Newsroom; Editing by Bradley Perrett)

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