China imports more soybeans, tapping Brazilian sources

Customs service figures indicate that China imported 9.15 million tonnes of soybeans last month, 14 percent more than the month before and 8.4 percent more than a year earlier, keeping up its purchases from Brazil as the Sino-US trade row heated up, Reuters reports.

The news agency quotes First Futures analyst Tian Hao as saying: “The market continues to buy Brazilian soybeans.”

Mr Tian added: “But there is only a certain number of soybeans out there, and inventories here are high.”

The report says analysts think Chinese imports of soybeans this month and next should be over 7 million tonnes a month, but that the end of the harvest nin Brazil may constrict the supply.

China has been importing large amounts of Brazilian soybeans as the importers worry that less will be available and prices will rise in the fourth quarter as the Sino-US quarrel over trade becomes more heated, Reuters says.