China’s Oct soybean imports from Brazil surge 71% from a year ago
China’s soybean imports from Brazil rose 71% in October from a year ago, data showed on Monday, boosted by cheaper prices following a bumper crop in the South American nation.
China imported 4.81 million metric tons of the oilseed from Brazil last month, according to the General Administration of Customs.
Record Brazilian soybean supplies are expected to lead China’s imports in the last three months of 2023, a period typically dominated by freshly harvested U.S soybeans, traders and analysts said in early November.
October arrivals from the United States, China’s second-largest supplier, shrank to 228,264 tons from 772,787 tons a year ago.
China’s purchases from the United States had been well below the normal pace this year but the world’s largest soybean importer has in recent weeks booked large U.S cargoes in a wave of buying.
The flurry of soy import deals coincides with uneven weather that has marred the start of the soy growing season in Brazil, the world’s largest soybean supplier.
Total imports by China in October were 5.16 million tons.
For the first 10 months of 2023, China has imported 59.68 million tons of Brazilian soybeans, up 21% compared with the same period last year.
Total U.S. imports so far this year are down 1.8% at 18.78 million metric tons, the data also showed.
Corn imports from Brazil in October were at 1.8 million tons, accounting for most of the total October corn arrivals of 2.04 million tons.
Source: Reuters (Reporting by Mei Mei Chu; Editing by Emelia Sithole-Matarise)