China's soybean imports from Brazil fall in May, U.S. shipments jump

China's soybean imports from Brazil fell in May while shipments from the United States rose sharply, customs data showed on Monday, as high prices curbed demand for South American cargoes.

 

Hallie Gu and Dominique Patton, Reuters

via Nasdaq - June 20, 2022

 

BEIJING, June 20 (Reuters) - China's soybean imports from Brazil fell in May while shipments from the United States rose sharply, customs data showed on Monday, as high prices curbed demand for South American cargoes.

 

The world's top soybean buyer imported 7.79 million tonnes of the oilseed from Brazil in May, down from 9.23 million tonnes a year earlier, data from the General Administration of Customs showed.

 

Shipments from the United States in May came in at 1.73 million tonnes, up sharply from 244,431 tonnes a year earlier, according to customs data.

 

Chinese buyers turned to U.S. soybeans for better profits during the peak Brazilian soybean export season, as bad weather pushed up prices of the oilseed in the South American country.

 

For the first five months of the year, China brought in 20.47 million tonnes of Brazilian beans, up from 15.66 million tonnes in the same period of last year.

 

Imports from the United States for January to May came in at 16.77 million tonnes, down from 21.51 million tonnes the previous year...

 

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