China’s soybean imports from Brazil in May fell 15.6% year-on-year
Beijing, June 20 news: Chinese customs data show that China’s soybean imports in May 2022 were 9.67 million tons, an increase of 20% from 8.08 million tons in April and a year-on-year increase of 0.6%.
According to customs data, China imported 7.79 million tons of soybeans from Brazil in May, down 15.6% from 9.23 million tons in the same period last year; imported 1.73 million tons of soybeans from the United States, significantly higher than the 244,431 tons in the same period last year.
May is usually the peak export season for Brazilian soybeans, but bad weather earlier this year reduced Brazilian soybean production and high basis quotes for soybeans at Brazilian ports prompted Chinese buyers to turn to U.S. soybeans.
Imports of Brazilian soybeans in the first five months of this year increased by 31% year-on-year
In the first five months of this year, China’s soybean imports were 38.04 million tons, down 0.4% from the same period last year, as high soybean costs and sluggish demand from the feed industry have curbed import demand from domestic oil mills.
In the first five batches of this year, China imported 20.47 million tons of soybeans from Brazil, up 30.7% from 15.66 million tons in the same period last year; imported 16.77 million tons of soybeans from the United States, down 22% from 21.51 million tons in the same period last year.