China's May soybean imports from Brazil jump 40% y/y

Credit: REUTERS/CHINA STRINGER NETWORK

BEIJING, June 20 (Reuters) - China's soybean imports from Brazil soared 40% in May, compared with a year-ago period, data showed on Tuesday, after big purchases of cheap beans arrived into Chinese ports.

The world's top buyer of soybeans imported 10.94 million metric tons of the oilseed from Brazil, its largest supplier, versus 7.79 million tons a year earlier, data from the General Administration of Customs showed.

Chinese buyers took advantage of this year's huge Brazilian soy crop and attractive prices to ramp up buying earlier this year.

After initial delays to the harvest and loading of Brazilian beans, cargoes have surged into Chinese ports, pushing total arrivals last month to 12 million tons, the largest volume ever in a single month.

The large May arrivals helped Brazil catch up on last year's shipments, with arrivals in the first five months of this year at 20.15 million tons, almost level with 20.47 million tons at this time a year ago.

Imports from the United States reached 923,529 tons, down 47% from the year-ago level.

Still, U.S. shipments for this year so far stand at 19.16 million tons, well above 16.77 million tons last year.

For corn, arrivals from the United States fell to 568,434 tons, down from 1.9 million tons a year ago.

Total Chinese corn imports in May contracted 20% to 1.66 million tons from last year, with Ukraine being the dominant supplier with 865,880 tons.

Last year, China's corn imports from Ukraine plunged in May to 126,727 tons, after Russia's invasion cut off shipments and before a special grain corridor was established to restart exports.

(Reporting by Dominique Patton; Editing by Sherry Jacob-Phillips)

((dominique.patton@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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