- Posted by Marina
China's soy imports in May jumped 27.4% year-on-year, as a large volume of shipments arrived from Brazil after an improvement in the South American country's climate.
China, the largest global soybean importer, imported 9.38 million tons of soybeans in May, compared to 7.36 million tons in the previous year, according to data released on Sunday.
The data shows the biggest monthly increase since December and compares to 6.714 million tons imported in April.
Rainfall in late February delayed Brazil's harvest and exports, which impacted landings in March and April. China's soybean and soybean stocks fell to record lows, forcing some soy processors to halt operations.
But shipments from Brazil increased as the climate improved and soy exports from Brazil reached a record high of 16.3 million tonnes in April, well above the 11.64 million tonnes in March.
"The processing margins for Brazilian soybeans were looking good for May, so importers scheduled many loads," said Xie Huilan, an analyst at agricultural consultancy Cofeed, before the data was released.
Market operators also expect massive soy imports in June and July, above 9 million tonnes per month, a level higher than common levels.
China also ordered some shipments of US soybeans this year to fulfill its commitments in Phase 1 of the trade agreement between the countries.