China bought a record 16.17 million tons of soybeans since the beginning of the current calendar year (January-February), which is more than 16% higher than the level in the same months of 2022 and is the maximum for this period since the beginning of such statistics. It is reported by Reuters, citing data from the customs administration of China.
“The increase in imports in February is likely due to the concerns of soybean processors about the consequences of the delay in harvesting in Brazil, which is why they increased purchases from the United States,” said expert Rosa Wang from Shanghai JC Intelligence.
It is noteworthy that this year the demand for meat and livestock feed in China will grow after the abolition of quarantine measures at the end of 2022.
However, according to Rosa Wang, in March, deliveries to the Celestial Empire will decrease slightly due to delays in export shipments from Brazil.