May Soybean Imports Forecast at Overwhelming Level in China

2020-04-29 www.cofeed.com

Chinese oil mills continue scooping up on Brazilian soybeans due to decent crushing margins, and Brazilian soybean shipments maintain at a high level in April after a single-month high in March. As of April 27, Brazil shipped around 9.13 mln tonnes of soybeans heading for China, and Argentina shipped around 360,000 tonnes of soybeans heading for China, according to data from shipping agencies. U.S. soybean exports to China mainland totaled 3 vessels from April 1-23, according to reports by the USDA. Following such huge shipments from Brazil to China, China’s soybean imports will hit an overwhelming level from May to July.

Soybean arrivals at ports are forecast to be 151 cargoes or 9.865 mln tonnes for May in China, a sharp increase of 44.6% from 6.82 mln tonnes in April and of 40.5% from 7.02 mln tonnes from May last year, according to data by Cofeed.

Statistics by regions: Northeast China 1.011 mln tonnes, North China 1.32 mln tonnes, Shandong 2.428 mln tonnes, East China 2.797 mln tonnes, Fujian 392,000 tonnes, Guangdong 1.072 tonnes, and Guangxi 845,000 tonnes.

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