Chinese soybean imports from Brazil surged to a record in June amid Sino-US tensions | Instant News

Chinese customs data on Sunday revealed that China’s soybean imports in June from its top supplier, Brazil, had hit record highs, largely due to increased demand for oil seeds as China’s pig industry appeared to have recovered from African Pig Fever, while imports from America United fell sharply amid growing grudges between Washington and Beijing.

In addition, according to data from the Chinese Customs Administration, the world’s largest soybean importer bought 10.51 million tons of soybeans from South America’s largest economy last month, up about 91 percent compared to the 5.5 million tons registered at the same time of the year. previously, while June’s figure followed the increase in soybean imports from Brazil in May by 18.6 percent on a year-on-year basis.

Chinese soybean inventories surged to record highs in June as Sino-US tensions pushed traders away from US-borne oil seeds

Apart from that, while China produced 11.16 million tons of soybeans in June because the majority of Chinese traders took advantage of low-cost Brazilian soybeans, Chinese soybean imports from the United States faltered by 56.5 percent to 267,553 tons in June, compared to the same time of the year previously, while these figures had followed another sharp fall in US soybean imports in May on an annual basis.

In particular, the latest data from Chinese customs comes at a critical time while the world’s first and second largest economies have been embroiled in a new round of commotion which industry analysts say has dramatically burdened US purchases of soybeans borne by Chinese traders.

Meanwhile, US President Donald Trump was quoted as saying a week earlier that he did not think about the US-China Phase Two trade agreement, in the end threatens an agreement reached under the “Phase One” trade agreement, while the Chinese soybean trade association was quoted as saying that Beijing would need to increase purchases of US-borne soybeans in order to fulfill the Sino-US trade agreement “Phase One” which at this point of view seems very high. not possible given the swelling Chinese soybean inventory levels.

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