[2020-06-10] Brazil’s May soybean exports to China surge

Source: Macauhub

The amount of soybeans China imports rose to 9.38 million tonnes last month, 27.4 percent more than a year earlier, Reuters reports, citing figures given by the Chinese General Administration of Customs on Sunday.

The news agency says the annual rise last month was the steepest in any month so far this year.

The report attributes the rise to more favourable weather in Brazil for harvesting soybeans allowing greater shipments of the crop to China.

In a separate report, Bloomberg news agency says Brazilian soybean exports to China rose 60 per cent year-on-year in May.

Reuters quotes agriculture consultancy Cofeed analyst Xie Huilan as saying Chinese importers booked a lot of cargoes of Brazilian soybeans because crush margins were “looking good” for May.

Traders expect massive amounts of Brazilian soybeans to reach China in June and July, arriving at a rate exceeding 9 million tonnes a month, much faster than normal, Reuters says.