• By The Financial District


China’s soybean imports in June from top supplier Brazil soared to a record high, according to customs data released on Sunday, driven by growing demand for soybeans as China’s pig herd recovers after deadly outbreaks of African swine fever, Hallie Gu, Pei Li and Dominique Patton reported for Reuters late on July 26, 2020.

The world’s top soybean buyer brought in 10.51 million tons of the oilseed from Brazil in June, up 91% from 5.5 million tons in the previous year, data from the General Administration of Customs showed. The June figures were also up 18.6% from May imports from Brazil at 8.86 million tons.

China’s overall soybean imports in June were a record 11.16 million tons as Chinese processors also made the most of lower Brazilian prices as better weather facilitated exports.

Nonetheless, Brazil’s gain is the US’s loss, with China buying only 267,553 tons of soybeans from the US in June, down 56.5% from 614,805 tons in the previous year. Imports fell 45.6% from 491,697 tons in May. China has stepped up purchases of US farm produce including soybeans, and will need to ramp up purchases dramatically to fulfil its pledge under a phase 1 trade deal the two sides signed in January.