China's May soybean imports rise 29% on-month on delayed Brazil arrivals
Reporting by Hallie Gu and Shivani Singh Editing by Shri Navaratnam and Ana Nicolaci da Costa, Reuters
June 6, 2021
BEIJING, June 7 (Reuters) - China’s soybean imports rose in May from the previous month, customs data showed on Monday, as more cargoes from top supplier Brazil cleared customs.
China, the world’s top importer of soybeans, brought in 9.61 million tonnes of the oilseed in May, up 29% from 7.45 million tonnes in April, when some Brazilian shipments were delayed, data from the General Administration of Customs showed.
May’s imports were also up from 9.38 million tonnes in the same month a year ago.
“The figures were within market expectation. Imports from May-July are usually quite large each year. There were also some delayed cargoes,” said Wang Xiaoyang, analyst with Sinolink Futures.
Chinese crushers had stepped up purchases of beans from top supplier Brazil in anticipation of strong demand from a fast recovering pig sector, but rains in the South American country slowed the harvest and exports of the oilseed.
Delayed cargoes began to arrive...