China may buy more Brazilian soybeans
The China National Grain and Oils Information Center has said that China may reduce purchases from the US and increase buying from Brazil in the next few months.
China may import more than 4 million tonnes of soybeans in May. Due to these large amounts and a drought-reduced South American crop have pushed soybeans in Chicago to their highest in almost eight months. China’s soybean imports in April rose 55% from a year earlier to 3.71 million tonnes, according to customs data.
The US is not very likely to be the main source for Chinese shipments in the next months because it’s approaching the end of the US soybean sales season, Chinese analysts said. Also, Chinese imports in the next few months will not be as much as in the months of April and May because the animal feed demand will be sluggish until at least August.
Inbound shipments may increase to about 9 million tons in the two months, according to the median estimate of five crushers in China surveyed by Bloomberg. China imported a record 13.9 million tons in the first four months of the year, according to the Beijing-based customs office.
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