China's September soybean imports from Brazil increase 51pc
CHINA's imports of soybeans from Brazil soared 51
CHINA's imports of soybeans from Brazil soared 51.4 per cent in September year on year, Reuters reported.
As the world's biggest buyer of soybeans, the Chinese imported 7.25 million tonnes of the oilseed from Brazil in September, up from 4.79 million tonnes last year, China Customs data showed.
American cargoes were expected to rise in the fourth quarter, when the US beans dominate the market in their harvest season.
China has stepped up purchases of agricultural products from the United States, including soybeans and corn, partly to fulfill commitments made during the trade deal the two countries signed in January this year.
Overall imports were expected to edge down in coming months, analysts and traders said, as shipments from Brazil dry up with the harvest season in South America approaching the end.
National soybean inventories came down to seven million tonnes by the week of October 18 after reaching a high point at near eight million tonnes in early September.
China's national soybean meal inventories were at 937,900 tonnes, down from a record high at 1.27 million tonnes reached at the beginning of September.