BEIJING, CHINA — China imported a record amount of soybeans in June, increasing 71% from a year earlier, Reuters reported citing customs data.
In June, China imported 11.16 million tonnes of soybeans, up from 6.51 million tonnes a year earlier and up from 9.38 million tonnes in May.
Exports from Brazil have picked up since March since prices were low and crush margins for June were good, according to one analyst. As a result, crushers booked a lot of shipments.
Earlier this year, soybean crushers had to curb operations due to short supplies.
Chinese soybean crushers, who earlier this year had to curb operations due to short supplies, are now struggling with bulging inventories.
Imports this month are likely to remain above normal levels, Reuters said, but August figures should come down.
