In China, Middle East and Africa reported that China, the world’s largest soybean consumer, set a second consecutive monthly import record in July, driven by abundant supplies from Brazil and sustained domestic demand.
According to customs data, China imported 11.67 million tons of soybeans in July, up 18.5% from 9.85 million tons a year earlier and well above analysts’ forecasts of 10.48 million tons.
The record follows June’s high intake of 12.26 million tons, a 10% year-on-year increase. Analysts say the surge is underpinned by Brazil’s bumper harvest, which has extended its peak export season.
“Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter,” said Wan Chengzhi, an analyst at Capital Jingdu Futures.
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Category: Food & Agriculture
