China’s soybean imports from Brazil fell in August from a year ago, customs data showed on Tuesday, with high prices limiting purchases of the South American country’s oilseed.
However, imports from smaller suppliers such as Uruguay and the United States increased.
China, the world’s biggest soybean buyer, imported 6.25 million tonnes of the oilseed from Brazil in August, up from 9.04 million tonnes a year earlier, data from the General Administration of Customs showed.
Total imports last month fell 25% year-on-year to 7.17m tonnes, the lowest level for August since 2014, as high global prices and weak demand dampened appetite for the oilseed.
Summer arrivals are typically dominated by grains of Brazilian origin, but bad weather pushed up oilseed prices in the South American country at a time when Chinese demand was weak.
Demand for soybean meal from the feed sector has been weak after pig farmers suffered heavy losses earlier this year.
Arrivals from the United States, China’s second-largest supplier, reached 286,762 tonnes, up from 17,575 tonnes in the same month last year, according to customs data.
China also imported 350,342 tonnes from Uruguay and 197,770 tonnes from Argentina in August, compared with zero shipments a year ago.
Imports from Argentina, the world’s third largest supplier, are expected to increase in coming months after the country offered a currency incentive to farmers in September to boost shipments.
Argentine farmers sold 15% of the country’s 2021/22 soybean crop in the seven days following the incentive, the Rosario grain exchange said last week.
China last week bought more than 10 cargoes from Argentina for shipment in October and November, Shanghai-based consultancy Sitonia Consulting said in a note.
In the first eight months of the year, China brought in 40.93 million tons of Brazilian soybeans, compared to 43.05 million tons in the same period in 2021.
US imports from January to August were 18.21 million tonnes, up from 21.63 million tonnes a year earlier.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
