China’s April Soybean Imports Fall to Lowest in Five Years

Soybean imports by China fell 12% in April
from a year earlier on delayed loadings from top supplier Brazil
and as the coronavirus pandemic hurt demand from restaurants.
* The country shipped in 6.7 million tons in April, compared
with 7.6 million tons in the same month last year and 4.3
million tons in March, according to customs data released
Thursday.
** Imports in the first four months of this year rose 0.5% from
a year earlier to 24.51 million tons.

Key Insights

* April figures were lower than expected because of a delay in
loading cargoes from Brazil, the country’s largest supplier,
said Monica Tu, an analyst with Shanghai JC Intelligence Co.
** The loading pace in Brazil picked up in late March, which
should boost arrivals to more than 10 million tons in May, Tu
said.
* Processors have been actively buying beans from Brazil and the
U.S. after crush margins in March rose to the highest in years,
supported by a recovery in hog breeding and a plunge in imports,
according to China National Grain and Oils Information Center.
** NOTE: Brazil’s Soy Boom Looks Unfazed by U.S.-China Deal:
Supply Lines
** China has bought 642,000 tons of U.S. soybeans so far in May,
USDA data show.

(Bloomberg)