China’s soybean imports up 23.5% in July

China imported 9.73 million tons of soybeans in July, up 23.5% from a year ago, customs data showed on Tuesday, as near-record production in Brazil influenced the increase in shipments.

Shipments in the first seven months of this year totaled 62.3 million tons, up 15% from a year earlier, according to the data.

Soybeans are milled to produce soybean meal, one of the main ingredients in animal feed needed in large quantities for China’s huge hog herd.

Processing profitability in China has remained positive since mid-June, with plants in the key processing center of Zhizhao generating revenue of 277.67 yuan ($38.51) for each ton of soybeans processed.

Soybean meal prices in China have risen 23% since late May to 4,500 yuan ($627.56) per ton.

Tags: China, soybean