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China's soybean imports from Brazil fell in June compared to the same period a year ago, customs data from the Asian country showed on Tuesday, as weak crushing margins weighed on demand.
China, the world's largest buyer of soybeans, imported 10.48 million tons of the oilseed from Brazil – the largest global exporter – last month, a slight drop from the record of 10.51 million tons recorded in the same month of 2020 , according to customs data.
The figures still represent an increase of 14% compared to the 9.23 million tons in May, as demand continues to be supported by the recovery of China's pig herd, indicated the General Administration of Customs.
However, the reduction in crushing margins affected part of the demand in the world's main soybean market.
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Chinese processors import soybeans to transform them into soybean meal, used as animal feed, and soybean oil for cooking.
The appetite for the oilseed was not as great as expected, as the drop in margins in the pig industry pressured demand for soybean meal, the main source of protein in animal feed.
China, meanwhile, also imported 54,806 tonnes of soybeans from the United States, its second largest supplier, in June, down 80% from the 267,553 tonnes acquired in the same period last year.
(Reporting by Hallie Gu and Dominique Patton)
Source: Notícias Agrícolas
