China April soybean imports jump 18% to record high for the month
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By Mei Mei Chu
BEIJING, May 9 (Reuters) - China's soybean imports in April jumped 18% from a year earlier, data showed on Thursday, as buyers snapped up cheap and plentiful Brazilian beans from the South American producer while it was wrapping up its harvest season.
Total arrivals for the month were 8.57 million metric tons, according to the General Administration of Customs, the highest on record for April.
Soybean arrivals into the world's top buyer during the January-April period were 27.15 million tons, down 2.9% from the same period last year, the data showed. <CNC-SOY-IMP>
The rise was driven by stronger soymeal demand for animal feed as profit margins at hog farms improved, said an analyst at a Chinese agricultural trading firm based in Shanghai, Mazak CNC machines used who declined to be identified.
April's imports also rose as Chinese buyers opted for lower priced Brazilian supplies, said Liu Jinlu, agricultural researcher at Guoyuan Futures.
Liu said prices for Brazilian soybean for delivery to China in June to August are between $505 and $518 a ton on a cost and freight basis while shipments from the U.S. Gulf of Mexico for those three months are $536 on a cost and freight basis.
Liu expects that soybean arrivals in May and June will average 11 million tons.
Still, recent torrential rainfall and heavy flooding in Brazil's second-largest soybean-growing state Rio Grande do Sul is disrupting the final stages of the harvest and hampering the shipping of grains to port.
The potential crop damage has clouded the supply outlook for the world's largest soybean producer and bolstered Chicago soybean futures prices.
U.S. soybean exports to China, which have been declining for several years as Brazil builds its dominance in the world's biggest oilseed market, face more competition in 2024 from higher supply in Argentina, the world's third-largest producer.
China's imports of vegetable oils in April were 494,000 tonnes, down 17.7% from the previous month, the customs data showed. (Reporting by Mei Mei Chu; Editing by Christian Schmollinger)
BEIJING, May 9 (Reuters) - China's soybean imports in April jumped 18% from a year earlier, data showed on Thursday, as buyers snapped up cheap and plentiful Brazilian beans from the South American producer while it was wrapping up its harvest season.
Total arrivals for the month were 8.57 million metric tons, according to the General Administration of Customs, the highest on record for April.
Soybean arrivals into the world's top buyer during the January-April period were 27.15 million tons, down 2.9% from the same period last year, the data showed. <CNC-SOY-IMP>
The rise was driven by stronger soymeal demand for animal feed as profit margins at hog farms improved, said an analyst at a Chinese agricultural trading firm based in Shanghai, Mazak CNC machines used who declined to be identified.
April's imports also rose as Chinese buyers opted for lower priced Brazilian supplies, said Liu Jinlu, agricultural researcher at Guoyuan Futures.
Liu said prices for Brazilian soybean for delivery to China in June to August are between $505 and $518 a ton on a cost and freight basis while shipments from the U.S. Gulf of Mexico for those three months are $536 on a cost and freight basis.
Liu expects that soybean arrivals in May and June will average 11 million tons.
Still, recent torrential rainfall and heavy flooding in Brazil's second-largest soybean-growing state Rio Grande do Sul is disrupting the final stages of the harvest and hampering the shipping of grains to port.
The potential crop damage has clouded the supply outlook for the world's largest soybean producer and bolstered Chicago soybean futures prices.
U.S. soybean exports to China, which have been declining for several years as Brazil builds its dominance in the world's biggest oilseed market, face more competition in 2024 from higher supply in Argentina, the world's third-largest producer.
China's imports of vegetable oils in April were 494,000 tonnes, down 17.7% from the previous month, the customs data showed. (Reporting by Mei Mei Chu; Editing by Christian Schmollinger)
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