Data released by Chinese Customs on October 25th indicate that in September, China imported 51.4% more Brazilian soy than in the same month of the previous year. Brazil exported 7.25 million tons of oilseed to China in September compared to 4.79 million tons in the same period in 2019, according to the agency. In total, China imported 9.8 million tons of soy from all sources in September, an increase of 19% over the previous year. The Chinese soybean crushers are in high demand for crushing the grain for feed since the Chinese swine herd is recovering from the impact of an outbreak of African swine fever. China imported 1.17 million tons of soy from the United States in September, down 32.4% from the same month a year ago, when shipments arrived that were negotiated during a truce in the US-China trade dispute. According to analysts and traders, China’s general soy imports are expected to decline in the coming months, as shipments from Brazil decline due to the off-season. Soy reserves in China fell to 7 million tons in the week of October 18, after reaching a peak close to 8 million tons in early September. China’s soybean meal reserves dipped to 937,900 tons, down from the record 1.27 million tons reached in early September.
Sources: Reuters / Datamar News