CHINA’S OCT SOYBEAN IMPORTS FROM BRAZIL SURGE 71% FROM A YEAR AGO

Brazilian soybean imports by China increased significantly in October, recording a 71% rise compared to the same period in 2022, reaching 4.81 million tons, according to the General Administration of Customs. The boost was attributed to lower prices due to the abundant Brazilian harvest. The record soybean production in Brazil in the last crop is expected to continue influencing Chinese imports in the latter months of 2023, traditionally dominated by the oilseed from the United States. Chinese purchases of U.S. soybeans decreased, while total soybean imports from Brazil reached 59.68 million tons in the first ten months of 2023, representing a 21% growth. Brazilian corn imports also reached 1.8 million tons in October.
Source: Forbes / Datamar News