Chinese imports of soybeans reached their highest point of the year in April climbing 63.5% above import levels for April 2013. China’s imports hit 6.5 million tons in April – 41% above March’s imports of 4.62 million tons, due in part to additional imports from Brazil, the country’s top supplier. Total imports for the year to date equal 21.85 million tons – up 41.2% from a year earlier. Imports from June are expected to slow however, as buyers canceled previous orders because of negative margins. Domestic soymeal prices are rebounding, narrowing crushing losses to approximately 200 yuan (US$32.08) per ton of processed soybeans and should improve further over the next two to three months which should help alleviate the country’s soybean glut.
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