China’s soybean imports from Brazil rise 37.5% in May year-on-year

China’s soybean imports from Brazil rose 37.5% in May compared to a year earlier, according to data released this Friday, as buyers sourced from the abundant South American crop, while supplies from the United States also increased by 28.3%.

The world’s largest soybean buyer imported 12.11 million metric tons of soybeans from Brazil last month, compared to 8.81 million tons in the same month a year earlier, according to data from the General Administration of Customs.

May arrivals from the U.S. reached 1.63 million tons, up from 1.27 million tons the previous year. U.S. supplies accounted for 11.7% of China’s total soybean imports last month.
China’s soybean imports for the month hit a record 13.92 million metric tons, more than double the volume imported in April, as customs clearance speeds returned to normal and crush plant operation rates recovered.

Imports had dropped to a ten-year low of 6.08 million metric tons in April.

“The arrival of some previously delayed shipments in May partially contributed to the higher import numbers,” said Liu Jinlu, agricultural researcher at Guoyuan Futures.

From January to May, shipments from Brazil totaled 21.25 million tons, a 14.0% decline compared to the same period last year.

Total U.S. arrivals in the first five months of the year reached 14.57 million tons, representing a 34.3% increase, according to the data.

“China ramped up soybean purchases from the U.S. ahead of potential trade tensions between China and the U.S., and the concentrated arrivals led to a rise in imports from January to May. Delays in Brazil’s harvest pushed exports later, leading to a drop in Brazilian shipments,” said Wan Chengzhi, an analyst at Capital Jingdu Futures.

Soybean arrivals in the country are expected to remain high in the third quarter, while fourth-quarter imports will depend on the outcome of U.S.-China trade negotiations, Wan added.

China imported 111,603 tons of soybeans from Argentina during the five months, a 47.5% drop from the same period last year, although the data did not show any arrivals in May.

Source: Notícias Agrícolas

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