- 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 | |||
From |
2018
|
2019
|
y-o-y
change
|
Metric tons
|
|||
Total | 8,477,916 | 7,376,976 | -1,100,940 |
United States | 5,814,257 | 135,772 | -5,678,485 |
Brazil | 2,073,705 | 4,933,786 | 2,860,081 |
Canada | 276,612 | 1,233,682 | 957,070 |
Kazakhstan | 2,644 | 798 | -1,846 |
Ethiopia | 2,794 | 0 | -2,794 |
Russia | 123,070 | 87,691 | -35,379 |
Ukraine | 570 | 0 | -570 |
Argentina | 89,150 | 985,247 | 896,097 |
Uruguay | 95,114 | 0 | -95,114 |
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.
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