China’s soybean imports from Brazil jump 211% in first two months

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China’s soybean imports from Brazil surged 211%in the first two months of 2024 compared with a year ago, data showed on Tuesday, as strong harvest and competitive pricing in the South American producer outpaced the United States’ market share.

The world’s top buyer of soybeans, China brought in 6.96million metric tons of the oilseed from Brazil, up from 2.24million tons in the same period last year.

Imports from the U.S. fell to 4.96million tons from 9.71million tons in 2023.

Total imports in the Jan-Feb period recorded a five-year low of 13.04 million tons, customs data showed earlier this month, weighed down by poor crushing margins and fewer ship arrivals during the Lunar New Year holidays.

That pegs Brazil’s market share at 53% and the U.S’ share at 38%, according to Reuters calculations.

Chinese buyers have stuck with Brazilian imports as the world’s largest producer continues to offer cheaper beans on the world market, traders and analysts said.

Soybean harvest in Brazil for the 2023/24 cycle is underway, reaching 63% of the planted area as of last Thursday, according to agribusiness consultancy AgRural.

Source: Reuters