May 12, 2022
China's soybean imports up in April
Data from China's General Administration of Customs showed the country's soybean imports were higher in April compared to the month prior, thanks to incoming cargoes delayed by bad weather and slow harvests in South America, Reuters reported.
China imported 8.08 million tonnes of soybean in April, 27% higher compared to the 6.35 million purchased in March.
April 2022's imports were also higher than the .45 million tonnes in the same month year-on-year.
Zou Honglin, an analyst with the agriculture section of Mysteel, a consultancy based in China, said delayed soybean shipments from Brazil have steadily arrived and and China's soybean imports in May were estimated to reach about 9.4 million tonnes.
Customs data showed China imported 28.36 million tonnes of soybeans between January to April 2022, 0.8% lower from 28.59 million in the previous year.
China's soymeal prices surged to record highs as there were low stocks of the oilseed, but prices dropped as more shipments arrived.
Traders said China requires between 7 million to 8 million tonnes of soybeans monthly until August.
Swine margins in the country have steadily increased from record low prices in March, thanks to rising prices for pork which supported soy crush margins.