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Chick-News.com Poultry Industry News, Comments and more by Simon M. Shane

China Favors Soybeans From Brazil in May and June

07/27/2020

According to a report prepared by Reuters the General Administration of Customs for China recorded soybean imports from Brazil amounting to 10.5 million metric tons (386 million bushels) in May and 8.86 million metric tons (325 million bushels) in June. Soybean imports from Brazil were up by 19 percent and 91 percent respectively from the corresponding months in 2019. 

 

During June, China imported 11.16 million metric tons (410 million bushels) of soybeans with the U.S. supplying 0.27 million metric tons (9.8 million bushels) down 57 percent from June 2019 and representing 2.4 percent of the imports by China. 

 

By July 21st soybean inventories in China rose to 7.4 million metric tons (271 million bushels) This quantity has replenished inventories and will satisfy the demand for soybean meal to be used for improved hog production and growing chicken output.

 

Given that Brazil has now been vacuumed dry, China is now placing orders aggressively for U.S. beans.  As noted in the Weekly Commodity Reports, China took advantage of favorable foreign exchange against Brazilian currency and also low shipping rates during May and June.


 
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