BEIJING, Sept 25 (Reuters) - China's August imports of
soybeans from Brazil rose 22% from a year ago, customs data
showed on Friday, as buyers increased their purchases to take
advantage of higher margins earlier this year.
China, the world's top buyer of soybeans, brought in 8.15
million tonnes of the oilseed from Brazil in August, up from
6.68 million tonnes last year, data from the General
Administration of customs showed.
Crushers ramped up buying from the South American country to
meet strong demand for feed from the recovering pig raising
Imports were down from 8.18 million tonnes in July.
China imported 9.6 million tonnes of soybeans in all of
"Buyers booked a lot of Brazilian cargoes earlier when crush
margins were good," a manager with a crusher in southern China
said before the data came out.
"Now crush margins have fallen due to higher cost (of
beans,)" said the manager, who declined to be named as he was
not authorized to talk to the media.
Soybean arrivals in the coming months are expected to remain
high, however, with more cargoes coming from the United States
while Brazilian shipments slow, according to analysts and
China brought in 166,370 tonnes of soybeans from the U.S. in
August, down 90% from last year's 1.68 million tonnes, and up
from 38,333 tonnes in July.
National soybean inventories <CFD-SBSTK-NATN> rose to 7.934
million tonnes by the week of Sept. 13, the highest since the
week of Oct. 30, 2018, and more than double their record low in
March, according to data from Cofeed.
China's national soybean meal inventories <CFD-SBMST-NATN>
climbed to 1.27 million tonnes in the week of Aug. 30, the
second-highest on record, before edging down this month.
(Reporting by Hallie Gu and Dominique Patton; Editing by