- China imported 25 mmt of soybeans in the first four months of the 2018/19 marketing year (October 2018-January 2019), of which 20.9 mmt were imported from Brazil and 2.2 mmt were from Canada. The United States supplied just 272,035 mt--a whopping 1-percent market share.
- During January, China imported only 135,777 metric tons (mt) of U.S. soybeans--about two Panamax cargoes--compared with 5,814,257 mt a year ago.
- Brazil was again the top supplier in January, with 4.9 mmt. Imports from Brazil were up 2.86 mmt from a year earlier.
- Imports from Canada jumped to their highest-ever monthly total of 1.23 mmt, 957,000 mt more than a year earlier.
- Imports from Argentina rebounded to 985,247 mt, about 900,000 mt more than a year earlier.
- Imports from Russia, Uruguay and other minor suppliers were down from a year ago.
- China's "Central Document No. 1" on rural policy priorities released last week called for diversifying sources of agricultural imports.
|China soybean imports, January 2018-19|
Chinese importers are now paying higher prices to buy mass quantities of Brazilian soybeans. The unit value of Brazilian soybeans averaged $453/mt in January 2019 and $450/mt in December 2018, up from a low of $427 in September. The average unit value of China's soybean imports a year earlier in January 2018 was $421/mt.