China triples US soybean imports in July with scheduled cargo in truce

Posted by Marina

US soybean imports from China in July tripled compared to the same month last year, customs data showed on Sunday, with the arrival of scheduled cargo by Chinese state-owned companies during a trade truce between the two countries. 

China, the world's largest soybean buyer, bought 911,888 tonnes of US oilseed in July from 308,127 tonnes a year earlier.The amount also represented high of 48.3% compared to June. 

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Beijing placed 25% tariffs on a list of US products, including soybeans, in July last year, in response to similar Washington measures on Chinese products, which led US soybean shipments to a virtual standstill. 

Chinese state-owned companies resumed some buying after a bilateral truce in December, but tensions between the two largest global economies have escalated again in recent weeks, creating market turmoil. 

China's soybean imports in July from the largest supplier, Brazil, meanwhile, were 6.42 million tons, down 8.9% from last year's 7.04 million, but up 16.8% compared to 5.498 million tons in June. 

China's total soybean imports in July rose from the same month last year due to the arrival of US cargoes and better grinding margins, although demand for soybeans in China has been impacted by outbreaks of African swine fever in its swine herd. 




Source: Agrolink