China’s soybean imports from Brazil surged 31.6% year on year in June. According to figures from the General Administration of Customs, the world’s top buyer of soybean imported 9.53 million tons of the oilseed from Brazil, its largest supplier, up from 7.24 million tons the previous year. Chinese buyers took advantage of this year’s huge Brazilian soy crop and attractive prices to ramp up purchases this year. Total arrivals hit 10.27 million metric tons last month, and imports are likely to stay high through the summer. According to the data, Brazilian soybean shipments in the first half of this year were 29.7 million tons, a 2-million-ton increase over the same period last year.
Source: Reuters/Noticias Agricolas (*Translated by Ia Niani)