China’s soybean imports in June rose 10.7% from a year earlier, a Reuters’ calculation of customs data showed onFriday, as buyers stocked up on cheaper Brazilian beans ahead of the North American export season in the fourth quarter.
The world’s biggest soybean buyer imported 11.11 million metric tons in June, compared with 10 million tons a year earlier.
Brazil’s soy export season is slowing down as the harvest season wraps up. Excess rains and heavy flooding hampered production and shipment in May.
Shipments in the first half of the year fell 2.2% from a year earlier to 48.48 million metric tons, the General Administration of Customs data showed.
China is expected to log record volumes of soybean imports in July, drawn by lower prices and the prospect that Donald Trump could reignite trade tensions if he is elected U.S. president in November.
July arrivals are expected to amount to 12 million-13 million tons, compared with 9.73 million tons shipped in the same month a year ago, traders and analysts said.
“There is definitely some more preparation and buying ahead of a potential Trump win in November,” said Darin Friedrichs, co-founder of Shanghai-based Sitonia Consulting.
“The market is pricing in the potential for that, but also the uncertainty around what trade actions might be put in place,” he said.
The U.S. Department of Agriculture (USDA) has pegged soybean imports in the 2024/25 marketing year at 103 million metric tons, unchanged from its estimates of the previous year.
Source: Reuters
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