Imports of soybeans from the United States by China in the first two months of the year increased six times over the same period last year, customs data showed on Wednesday (25), with the arrival of cargo purchased during a commercial truce between the United States. countries.
China, the world’s leading importer of oilseeds, brought 6.1 million tonnes of soybeans to the U.S. in the first two months, compared with about 1 million tonnes in the same period in 2019, when shipments were still largely limited because of the bell trade war. -American.
Imports came in line with US shipments to China in December, which rose to 3.09 million tonnes, 44 times the level of the previous year.
Chinese processors bought US soybeans in several shopping rounds after a commercial truce and after Beijing issued exemptions to importers who freed buyers from extra tariffs on some U.S. cargoes.
Shipments from Brazil in the first two months of the year reached 5.14 million tonnes, a drop of 26% compared to the same period last year, according to data from the General Administration of Customs.
Total soy imports from China in the first two months of 2020 increased 14.2% year on year, to 13.51 million tonnes, according to customs data released on March 7.
However, cargo from the United States is expected to fall in the coming months, with the Brazilian harvest reaching the market in late February and early March. The cheaper Brazilian grain offers better milling margins for Chinese mills.
Chinese buyers also recently bought more Brazilian grains to replenish low stocks after the coronavirus outbreak halted domestic production.