China’s Jan-Feb soybean imports jump 16% on year

China, the world’s top oilseed buyer, imported 16.17 million tonnes of soybeans in January and February, customs data showed on March 07, up 16.1% on the same period a year ago, as buyers stocked up amid tight supply.

The jump in arrivals came after lower imports through much of 2022, though imports had already surged in December.

China’s General Administration of Customs combines data for the first two months of the year because of the timing of the week-long Lunar New Year holiday that began in late January.

Large arrivals come as Chinese demand for meat and therefore the animal feed ingredient, soymeal, is expected to rise this year after Beijing abandoned strict zero-COVID measures in late 2022.

Arrivals in March are, however, set to decline after a slow start to the harvest in the world’s top producer, Brazil.

Source: Nasdaq and Reuters

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