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BEIJING (Reuters) - China's soybean imports rose in April from a month ago, helped by the arrival of cargoes delayed by bad weather and slow harvests in South America, customs data showed on Monday.
The world's largest soybean importer brought in 8.08 million tonnes of the oilseed in April, up 27% from 6.35 million in March, according to data from the General Administration of Customs.
The numbers also rose from the 7.45 million tonnes recorded in April of the previous year.
“Delayed shipments of Brazilian soybeans have gradually arrived and China’s soybean imports in May are expected to continue rising and reach around 9.4 million tonnes,” said Zou Honglin, an analyst with the agricultural section of Mysteel, a China-based consultancy.
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In the first four months of the year, China imported 28.36 million tonnes of soybeans, down 0.8% from 28.59 million a year earlier, the data showed.
Bad weather in Brazil has delayed the harvest and exports from top soybean supplier China, leading to lower arrivals in the first months of the year.
Soymeal prices in China rose to record highs as supplies dwindled, but eased as more cargoes arrived.
China is expected to need 7 million to 8 million tonnes of soybeans per month through August, traders said.
While demand in May was mostly covered, Chinese crushers were slow to buy soybeans for June-August shipments as low crushing margins reduced appetite, Reuters reported in April.
Importers have since booked more cargoes of Brazilian soybeans for shipment in the coming months, traders said.
By: Hallie Gu and Dominique Patton | Notícias Agrícolas
