Imports of soya from China fell in June, while shipments from the United States increased, according to Chinese customs data released on Wednesday, as high prices dampened demand for South American cargo.
The China, the world's biggest soybean buyer, imported 7.24 million tonnes of the oilseed from Brazil in June, up from 10.48 million tonnes a year earlier, data from the General Administration of Customs showed.
Total soybean imports fell 23% year-on-year last month to 8.25m tonnes as high global prices and weak demand dampened appetite for the oilseed, according to customs data.
US soybean shipments reached 773,114 tonnes in June, up from 54,806 tonnes in the same month last year.
Chinese buyers have turned to North American soybeans for better profits during the peak of the Brazilian soybean export season, as bad weather has pushed up oilseed prices in the South American country.
In the first half of the year, China brought in 27.71 million tons of Brazilian soybeans, compared to 26.13 million tons in the same period in 2021.
Imports from the United States amounted to 17.54 million tons from January to June, compared to 21.57 million tons in the previous year.
Low crushing margins have weighed on appetite for soybeans in recent months. Crushers at Rizhao's main processing center are losing about 682 yuan for every ton of soybeans processed.
Soybean meal demand from the feed sector came under pressure after pig farmers suffered heavy losses earlier this year, while edible oil prices also fell.
Sources: investing.com
