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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Soy imports jump as buying from Brazil continues
    2018-09-10  08:53    Shenzhen Daily

CHINA imported 9.15 million tons of soybeans in August, up 14 percent from July, customs data showed Saturday, as buyers in the world’s top importer continued to buy from Brazil after China imposed tariffs on U.S. shipments.

August figures were up from last year’s 8.44 million tons.

“The market continues to buy Brazilian soybeans. But there is only a certain number of soybeans out there, and inventories here (China) are high,” said Tian Hao, senior analyst with First Futures, speaking before the August data was released.

China imposed a 25-percent tariff on a list of U.S. products totaling US$34 billion in value, including soybeans, July 6, in response to U.S. penalties on Chinese goods worth the same amount.

Soybeans, crushed to make cooking oil and the protein-rich animal feed ingredient soymeal, were the biggest U.S. agriculture export to China last year at a value of US$12.3 billion, according to the U.S. Department of Agriculture.

Chinese buyers had already been heavily purchasing soybeans from Brazil before the taxes on U.S. cargoes took effect, on worries that supplies will tighten up and prices will rise in the fourth quarter.

In July, the buying spree ebbed after China’s national soybean and soymeal stocks climbed to a record. China’s national soymeal stocks were at 1.18 million tons last week, slightly down from the record high level in July at 1.27 million tons.

For the first eight months of the year, China brought in 62 million tons of soybeans, down 2.1 percent on the same period a year earlier, according to official data released by the General Administration of Customs on Saturday.

Imports in the coming months before November should be over 7 million tons per month, but supplies might tighten afterwards, as Brazil’s soybean season nears its end, analysts said.(SD-Agencies)

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