Market News & Headlines >> China's Soybean Exports up in August
China’s soybean imports rose in August despite that country’s 25% tariff on imports of U.S. soybeans as arrivals from Brazil surged.
China imported 9.15 million metric tons of soybeans last month, up 14% from 8.01 million in July and 8.4% from its August 2017 imports of 8.44 million tons, according to preliminary data released on Saturday by the ministry of commerce. Despite the larger August imports, China’s January-August soybean imports of 62 million tons were down 2.1% from a year earlier.
"The market continues to buy Brazilian soybeans. But there is only a certain number of soybeans out there, and inventories here (China) are high," said Tian Hao, senior analyst with First Futures, speaking before the August data was released.
China stopped releasing detailed data on imports this spring, however, export data released by Brazil’s trade ministry shows Brazil shipped 6.94 million tons of soybeans to China during August. Brazil’s total August soybean exports were 8.13 million tons, up from 5.95 million tons a year earlier.