BEIJING: China soybean imports hit a record high of 13.92 million metric tons in May, customs data showed on Monday, more than double the volume imported in April, as customs clearance speeds returned to normal and the operating rate of crushing plants recovered.
Imports had plunged to a 10-year low of 6.08 million metric tons in April, as prolonged customs delays and late shipments from Brazil - caused by harvest slowdowns and logistical issues - disrupted the usual cargo flow.
Customs clearance speed has returned to around two weeks from 20-25 days, said Rosa Wang, an analyst from Shanghai-based agro-consultancy JCI.
“The operating rate of crushing plants has risen to over 50%, and soybean meal deliveries have also been good,” Wang said, adding that May’s import volume exceeded her expectation of 12 million to 12.5 million metric tons.
Imports in May were up 36.2% from 10.22 million metric tons in the same period last year, based on Reuters’ calculations from customs data.
Imports in the first five months of the year totalled 37.11 million tons, 0.7% lower than the year-ago period, data from the General Administration of Customs showed.
Most imports come from top producer Brazil, which typically ships the bulk of its soybean crop between March and June. Brazil exported 14.10 million tons of soybeans in May, up from 13.44 million tons in the same month last year, according to government data.
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The country’s grain exporters association Anec forecast Brazil’s soybean exports will reach 12.55 million metric tons in June, down from 13.83 million tons in the same month last year.
In Argentina, the world’s third-largest producer, soybean yields continue to track higher than expected despite slower-than-usual harvesting due to heavy rainfall affecting multiple crops, the Rosario grains exchange said last week.
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