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szdaily -> Business/Markets -> 
Soy imports from Brazil double in October
    2018-11-28  08:53    Shenzhen Daily

CHINA’S soybean imports from Brazil nearly doubled in October from a year earlier, customs data showed Monday, as buyers scooped up shipments on worries over shortages amid trade tensions with the United States, a major supplier.

China typically buys most of its soybeans from the United States in the fourth quarter, when American shipments dominate the market after the U.S. harvest and as Brazilian crops are still maturing.

Chinese importers are now avoiding U.S. soybeans, however, because of concerns of additional curbs following the 25-percent tariff that China imposed on U.S. beans July 6 in response to U.S. tariffs on Chinese goods.

China imported 6.53 million tons of Brazilian soybeans in October, up from 3.38 million tons in the same month last year, according to data released Monday by the General Administration of Customs.

The volume, 94 percent of China’s total imports of the oilseed of 6.92 million tons for October, were down from 7.59 million tons in September, as buying ebbed due to large stockpiles.

Chinese soybean imports from the United States slid to just 66,955 tons, down from 1.33 million tons a year earlier.

Chinese customs last month began updating an online database with commodity imports by country of origin, replacing a service that had until March only been available to clients.

China’s splurge on Brazilian beans in recent months has led to big stockpiles of soymeal and soybeans that have alleviated worries of a feed shortage for the world’s biggest pig herd.

National soybean stocks rose to a record in early October at 9 million tons, while soybean meal stocks were also higher than in previous years.

Soybean imports from Russia in October were at 92,806 tons, up 60 percent from 57,643 tons a year earlier.

And China brought in 127,630 tons of soybeans from Uruguay in October, down from 258,787 tons in the previous year.

Soybean imports from Argentina in October were at 33,200 tons, down from 772,756 tons in the same month last year.

(SD-Agencies)

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