China’s soybean imports surged in April with the arrival of delayed shipments
May, 20, 2022 Posted by Gabriel MalheirosWeek 202220
China’s soybean imports from Brazil surged in April compared to the previous month owing to the arrival of delayed shipments, according to customs data released on May 20th.
According to data from the General Administration of Customs, China, the world’s largest soybean importer, received 6.3 million tonnes of the product from Brazil in April, up 120% from the 2.87 million tonnes seen in March.
These figures also indicate an increase from the 5.08 million tonnes that China received from Brazil in the same month last year.
Bad weather delayed the harvest and, consequently, soybean exports from Brazil, reducing shipments at the beginning of the year.
Soybean arrivals from Brazil started to increase in April and are expected to remain plentiful in May as previously purchased cargoes pass through customs.
China received 1.64 million tonnes of soybeans in April from the United States, its second-largest supplier, compared to 3.37 million tonnes in March.
US supply figures also fell from the 2.15m tonnes purchased in the same month in 2021.
In the first four months of the year, China’s soybean imports from Brazil stood at 12.7 million tonnes, compared to 6.42 million tonnes in the same period last year.
According to customs data, shipments from the United States reached 15 million tonnes, down from 21.27 million tonnes.
In the early part of the year, Chinese customers unusually resorted to US soybeans since the Brazilian supply was declining and their US counterpart was cheaper.
Traders said that Chinese processors have slowed the pace of soybean purchase contracts until September because of feeble crushing profit margins.
Soybean crushing margins in China have fallen since early March and were at -282 yuan ($41.97) per tonne on Thursday, May 20th.
Source: Money Times
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