China Purchases Record Soybeans

China imported record Soybeans in the first two months of 2023, with upbeat demand forecasts and concerns over delayed harvests in Brazil prompting buyers to stock up aggressively. According to data released by the General Administration of Customs, China imported 16.17 million tons of Soybeans from January to February 2023, an increase of 2.23 million tons or 16% year-on-year, the highest level in the same period since at least 2008. Imports in the first two months of this year were higher than expected, and China’s Soybean imports remained subdued for most of 2022 until December when imports surged.

Soybean imports were 9.1315 million tons in January 2023. Among them, the United States was the largest supplier of the month. In January, China imported 5.35 million tons of Soybeans from the United States, a decrease of 10.9% month-on-month and a year-on-year reduction of 15.2%. Brazil is the second largest source country. In January, China imported 1.83 million tons of Soybeans from Brazil, a decrease of 28.56% month-on-month and a year-on-year reduction of 17.3%.

The country’s Soybean imports in February 2023 were 7.04 million tons, a decrease of 22.89% month-on-month and an increase of 38.4% year-on-year. In February, China imported 6.22 million tons of Soybeans from the United States, a rise of 16.2% month-on-month and a year-on-year increase of 68.02%. Domestic buyers are rushing to buy more U.S. Soybeans, fearing rain in Brazil will affect the harvest.

In February, China imported 408,700 tons of Soybeans from Brazil, a decrease of 77.69% month-on-month and a reduction of 68.36% year-on-year. According to data released by the consulting company AgRural, the cumulative export sales of Brazilian Soybeans from January to February were about 6 million tons, a year-on-year decrease of 31%. According to AgFlow data, China imported 18.4 million tons of Soybeans from Brazil in Jan-Apr 2023, followed by the United States (10.6 million tons) and Canada (193,000 tons).  

According to data released by the General Administration of Customs, China imported 8,113 tons of Soybean Meal in January 2023, a month-on-month increase of 43% and a year-on-year decrease of 8.61%. In January, the amount of Soybean Meal imported by China increased compared with December last year because the price of domestic Soybean Meal in January is still high, and imported Soybean Meal has a specific cost performance.

Regarding specific regions, India and Denmark were the source countries of China’s Soybean Meal imports in January. Among them, 6,002.7 tons of Soybean Meal were imported from India in January, accounting for 74%; 2,075 tons of Soybean Meal were imported from Denmark, accounting for 26%. The source of Soybean Meal imports in February was still India and Denmark. Among them, 900 tons of Soybean Meal were imported from Denmark in February, accounting for 63%; 530 tons of Soybean Meal were imported from India, accounting for 37%.

In January 2023, China procured Soybean Meal from four provinces: Hebei, Shandong, Henan, and Liaoning. Among them, Hebei Province imported 4,707.6 tons of Soybean Meal, accounting for 58%; Shandong Province imported 3,058.8 tons of Soybean Meal, accounting for 38%; Henan Province imported 311.3 tons of Soybean Meal, accounting for 4%. In February 2023, China procured Soybean Meal from Shandong and Hebei provinces. Among them, Shandong Province imported 900 tons of Soybean Meal, accounting for 63%, followed by Hebei Province imported 530 tons of Soybean Meal, accounting for 37%.

According to data released by the General Administration of Customs, China exported 8,175 tons of Soybean Meal in January 2023, a month-on-month increase of 49.15% and a year-on-year decrease of 83.1%. In February, the export volume of Soybean Meal was 8,610 tons, an increase of 5.32% from the previous month and a reduction of 86.82% from the same period last year.

Other sources: FINANCE

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