Big crop, low prices prompt China to buy Brazilian soybeans

Official data indicate that the amount of soybeans imported by China increased to 9.6 million tonnes last month, 11 percent more than a year earlier, as Chinese processors bought more Brazilian soybeans while they were cheap, Reuters reports.

The news agency says weather favourable for growing soybeans increased the supply in Brazil, reining in prices and so prompting sales to China.

The amount of soybeans China imported in the first eight months of this year was 64.74 million tonnes, 15 percent more than in the equivalent period last year, Reuters says, citing figures given by the Chinese customs service.

Last month Reuters reported that agribusiness consultants StoneX expected Brazilian production of soybeans to increase to 132.6 million tonnes in the new season, which starts this month, 8 percent more than last season, as farmers planted more land with the crop to meet strong demand in China.