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China’s soybean imports from Brazil in March fell 24.8% from the same month last year. The Asian country bought more cargo of soybeans from the United States. The Jair Bolsonaro government, which has already entered into a diplomatic conflict with China, shows a lack of direction in foreign policy: the Chinese are the largest soy buyers in the world
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BEIJING (Reuters) – China’s soybean imports from Brazil in March fell 24.8% from the same month last year, customs data released on Sunday showed, after rains delayed shipments.
China, the world’s largest soy buyer, imported 2.1 million tonnes of soybeans from Brazil in March, compared to 2.79 million tonnes in the same period last year, according to data from the General Administration of Customs. .
Rains in Brazil in late February delayed harvest and export of the product, leading to a low record for stocks of soybeans and soybean meal in China. Some soybean crushers were forced to restrict operations due to a shortage of supply.
Chinese buyers also bought less cargo for March because they expected the typical slowdown in demand seen after the Spring Festival break.
However, shipments from the United States reached 1.71 million tons in March, compared to 1.51 million tons last year.
Total soybean imports from China in March fell 13% from the same month last year, reaching the lowest level in more than five years, according to customs data released Tuesday.
China imports soybeans into soybean meal to feed the livestock sector and prepare cooking oil.
Shipments of soybeans to China in April and in the coming months are expected to increase as weather conditions in Brazil improve and the United States’ reserved cargo under the Phase 1 trade agreement improves.
China bought more cargo of US soybeans on Tuesday and plans to increase its state reserves with US crops.
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