China June soybean imports up 25% on year

China imported 10.27 million metric tons of soybeans in June, up 24.5% from a year earlier, customs data showed on Thursday, as large purchases of cheap Brazilian beans reached the market.

The imports by the world’s top soybean buyer were significantly lower than the record 12.02 million tons in May, but still among one of the largest monthly numbers on record.

A surge in soybean arrivals at Chinese ports in recent months comes after buyers in the world’s top soybean consumer bought up cheap supplies from Brazil, which has produced a record crop this year.

Imports were relatively low in late 2022 and buyers had expected rising demand from farmers after China’s re-opening from strict measures to rein in COVID-19.

Hog farmers have lost money since the start of the year, however, hurting soymeal demand.

Total soy arrivals in the first six months of the year reached 52.58 million metric tons, up 13.6% year-on-year, the General Administration of Customs data showed.

Another 10-11 million metric tons are expected to arrive this month, traders said.

Tags: soybeans, purchases, Market, imported, China, Brazil