China's June soybean imports hit third highest monthly level

BEIJING: China's soybean imports in June hit their third-highest monthly level on record, customs data showed on Tuesday, boosted by a jump in shipments from Brazil.

China, the world's top buyer of the oilseed, took 10.72 million tonnes in June, slightly below a record 11.16 million tonnes in the corresponding month a year earlier, the data showed, as Brazilian soybean cargoes cleared customs.

The imports were up 11.6% from 9.61 million tonnes in May, data from the General Administration of Customs showed.

Chinese crushers booked large volumes from top global supplier Brazil earlier in the year to profit from good margins on strong demand as the country's pig herd recovers rapidly.

Soybeans slip from 1-week high, US heat stems losses

Rains in Brazil slowed the harvest and exports of the oilseed earlier in the year, but shipments have picked up in recent months and delayed cargoes have started arriving.

China took 48.96 million tonnes of soybeans in the first six months of the year, up 8.7% from 45.04 million tonnes in the same period of 2020.

Chinese appetite for soybeans later in the year might weaken as high-cost imports and falling pig prices push crush margins into negative territory, analysts said.