Brazilian prices impel Chinese soybean imports to new record

The amount of soybeans imported by China rose to 11.16 million tonnes last month, 71 percent more than a year earlier and the most in any month yet, Reuters reports, citing figures given by the Chinese customs service.

The news agency attributes the rise to the arrival of a flurry of shipments from Brazil, where favourable weather has increased since March the supply of soybeans available for export.

The report quotes an analyst for agriculture consultants Cofeed, Xie Huilan, as saying processors bought a lot of Brazilian soybeans last month because they were cheap.

China is likely to import this month over 10 million tonnes of soybeans, most of it from Brazil, Reuters quotes an analyst for agriculture consultants Shanghai JC Intelligence, Monica Tu, as saying.