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China Soy Imports From Brazil Double in October Compared With 2017
BEIJING, Nov 26 (Reuters) - China’s soybean imports from Brazil nearly doubled in October from a year earlier, customs data showed on Monday, as buyers scooped up shipments on worries over shortages amid trade tensions with the United States, a major supplier.
China typically buys most of its soybeans from the United States in the fourth quarter, when American shipments dominate the market after the U.S. harvest and as Brazilian crops are still maturing.
Chinese importers are now avoiding U.S. soybeans, however, because of concerns of additional curbs following the 25% tariff that Beijing imposed on U.S. beans on July 6 in response to U.S. tariffs on Chinese goods.
China imported 6.53 million tonnes of Brazilian soybeans in October, up from 3.38 million tonnes in the same month last year, according to data released on Monday by the General Administration of Customs.
The volume, 94% of China’s total imports of the oilseed of 6.92 million tonnes for October, were down from 7.59 million tonnes in September, as buying ebbed due to large stockpiles.
Chinese soybean imports from the United States slid to just 66,955 tonnes, down from 1.33 million tonnes a year earlier.
Chinese customs last month began updating an online database with commodity imports by country of origin, replacing a service that had until March only been available to clients. Percentage changes with year-earlier figures were calculated by Reuters.
China’s splurge on Brazilian beans in recent months has led to big stockpiles of soymeal and soybeans that have alleviated worries of a feed shortage for the world’s biggest pig herd.
National soybean stocks rose to a record in early October at 9 million tonnes <CFD-SBSTK-NATN>, while soybean meal stocks were also higher than in previous years.
Soybean imports from Russia in October were at 92,806 tonnes, up 60% from 57,643 tonnes a year earlier.
And China brought in 127,630 tonnes of soybeans from Uruguay in October, down from 258,787 tonnes in the previous year.
Soybean imports from Argentina in October were at 33,200 tonnes, down from 772,756 tonnes in the same month last year.
Customs data showing a breakdown of origins of imports for last year is available here:
(Reporting by Hallie Gu and Dominique Patton; editing by Joseph Radford and Tom Hogue)
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