Chinese soybean imports from Brazil grow 10.9% YoY in August

Customs data on Monday showed that Chinese soybean imports from Brazil increased 10.9% in August compared to the same month last year, while US imports dropped sharply.

China, the world’s largest soy importer, imported 9.04 million tons of the oilseed from Brazil in August, compared to 8.15 million tons in 2020, according to data from the General Administration of Customs.

In contrast, US imports last month dropped to 17,575 tons, down 89.4% from the 166,370 tons imported in August 2020.

Chinese buyers purchased four to six shipments of Brazilian soybeans early last week amid concerns among global importers that delays in US shipments following Hurricane Ida could last into the high season for US exports. Ida hit the Louisiana coast in late August before dissipating in early September.

Overall, China imported 9.49m tons of soybeans in August, slightly down from 9.6 million tons a year ago.

Source: Money Times

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