China increased soybean imports by 24.5% in June
About 10.27 mln tonnes of soybeans were imported into China in June, which is 24.5% higher than the level of the same month last year. It is reported by Reuters with reference to the official customs data. Experts attribute the increase in supplies to China to the increase in purchases of cheaper raw materials from Brazil.
“Imports in June were lower than the record 12.02 mln tons in May, when the number of soybean cargoes detained at the customs increased sharply. However, the supply volumes still remain relatively high and meet all market expectations,” the report said.
Darin Friedrichs, the co-founder of Shanghai-based Sitonia Consulting, commented that this month the import of another 10-11 mln tonnes of the oilseed is expected, but the demand may decrease in the second half of the year if the pig population starts to decline in China.
“In this case, less soybean meal will be needed, which means less soybeans for processing,” he added.
In general, in the first half of the year China increased the purchases of soybeans by 13.6% to 52.58 mln tonnes in January-June 2022.
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