China’s soybean imports hit record high amid U.S. trade tensions

• China’s soybean imports hit a record high last month, as the world’s largest buyer ramped up purchases—mainly from Brazil—amid concerns that trade tensions with the U.S. could drive up global prices.
• China’s soybean imports more than doubled in May from the previous month to 13.92 million tons, according to customs data. This followed a 73% surge in April.
• Amid concerns that trade tensions with the U.S. could disrupt access to American crops, Chinese crushers moved quickly to lock in lower-cost South American supplies—snapping up at least 40 cargoes from Brazil in a single week in early April, Bloombergreported.
• Soybean futures (S_1:COM) rose on Monday as supply concerns and renewed buying tightened availability.

Tags: futures, China, Brazil, prices, soybeans, imports, U.S.