March 22, 2021
January and February China's soybean imports from Brazil declined due to shipment delays
China General Administration of Customs said soybean imports from Brazil declined 80% year-on-year in January and February 2021 due to shipment delays caused by rain, Reuters reported.
Customs data showed China imported 1.03 million tonnes of soybean from Brazil in January and February, lower than the 5.14 million tonnes imported last year.
Brazilian soybean harvest and exports have been delayed by rains, causing soybean crushers in China to possibly curb operations.
China's soybean imports from the United States reached 11.9 million tonnes in January and February this year, double the 6.1 million tonnes from the same period in 2020.
China's total soybean imports was 13.41 million tonnes in in January and February this year, 0.8% lower than last year.
China's soybean demand was projected to rise thanks to the country's recovering swine industry. However, new African swine fever (ASF) cases have threatened to affect China's swine production and sparked concerns for soymeal demand. Soymeal is a key protein ingredient in livestock feed.
Rizhao, Shandong soybean crushers, a major soybean processing hub in China, earn RMB 158 (~US$24.28; RMB 1 = US$0.15) for every tonne of soybean crushed as of March 19. This is higher than historical average levels over the last 10 years.