Rrepeats the item that first aired on Sunday
BEIJING, March 21 (Reuters) – China’s soybean imports from Brazil in the first two months of 2022 have risen significantly from the corresponding period last year, customs data showed on Sunday.
The world’s largest buyer of soybeans, China imported 3.51 million tons of oilseeds from Brazil, up 241 percent from 1.03 million tons a year earlier, according to General Administration data. customs.
Rains in Brazil last year delayed the harvest and exports from the South American country, China’s biggest supplier of soybeans.
This year, drought has slowed harvesting and shipments in Brazil, tightening soybean supplies in China, forcing many grinders to shut down and pushing meal prices to record highs.
However, soybean arrivals were still larger than the previous year, the data showed.
China also imported 10.04 million tonnes of soybeans from the United States in the first two months, down 16% from 11.9 million tonnes a year ago, according to customs data.
In early 2021, it stepped up its purchases of U.S. agricultural products to fulfill its commitment in the initial trade deal the two countries signed in January 2020.
Grinders did not book large volumes of US soybeans late last year as they expected cheaper, earlier Brazilian beans.
The drought in South America, however, has pushed up premiums on shipments from the region, prompting Chinese buyers to turn to American shipments.
(Reporting by Hallie Gu and Dominique Patton; Editing by Hugh Lawson)
((Hallie.Gu@thomsonreuters.com; +86 10 56692120; Reuters Messaging: email@example.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.