China imports 51.4% more soybeans from Brazil in September

In September soybean exports from Brazil to China increased by 51.4% compared to the same month last year. Some deliveries from the last few months have only been cleared through customs.
China, by far the world's largest importer of soybeans, bought 7.25 million tons of oilseed from Brazil in September. In September 2019, 4.79 million tons were imported, according to the customs authorities.
Oil mills in China had already bought Brazilian soybeans months ago because the wages for these purchases were very high. The demand for soybean meal from feed manufacturers recovered after the outbreak of African swine fever in 2018.
China imported a total of 9.8 million tons of soybeans in September, 19% more than in the same month last year. 1.17 million tons of this came from the USA, a decrease of 32.4% compared to the previous year when 1.73 million tons were delivered. At that time, the trade dispute between the US and China was at its peak.
In the fourth quarter of 2020, China's soybean imports from the USA will continue to increase. Then origins from the USA from the current harvest dominate the world market.
China bought far more agricultural commodities from the US this year after signing the first part of a trade deal in January that pledged China to buy more US goods.
However, China will be doing fewer agricultural imports overall in the coming weeks, and the supply from Brazil will dry up. The marketing season ends early in South America.
National soybean stocks in China are expected to be seven million tons on October 18. One million tons less than in early September. The soybean meal stocks at 937,900 tons are also significantly smaller than six weeks ago (1.27 million tons).

Hansa Terminhandel GmbH
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