China cuts soybean purchases from the US in August

Last month, China imported about 9.36 mln tonnes of soybeans, with 9.09 mln tonnes of the oilseed imported from Brazil. Nasdaq reported with reference to the data of the experts of the Customs Administration of China.

“The share of Brazil in the Chinese market remained unchanged, despite the fact that buyers from China increased purchases from the world’s largest supplier due to the attractive prices amid the record harvest,” the materials say.

In general, in 2023, China imported almost 48 mln tonnes of Brazilian soybeans, up 17.3% compared to the same period last year.

It is worth mentioning that in August, the supplies of beans from the USA to China decreased to 120.1 thsd tonnes (-58% y/y).

At the same time, according to the Customs Administration, total sales from the United States in the first eight months amounted to 19.95 million tons, which is 14% more than a year earlier.

Tags: China, soybean, USA