The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Soybean imports by China rose 27% in May from a year earlier, after crushers increased purchases from Brazil to take advantage of cheap supplies amid strong crush margins.
The country shipped in 9.4 million tons in May, compared with 7.4 million tons in the same month last year, and
6.7 million tons in April, according to customs data. Chinese imports could stay close to record levels until July, as crushers buy aggressively from top supplier Brazil due to a bumper harvest and the depreciation of the local currency.
Crushers haven’t bought enough to cover their needs for the fourth quarter, the peak sales season for the US crop. Edible oil imports in May were 664,000 tons. That brings the total in the first five months to 3 million tons, down 5.4% from a year earlier.
Meat and offal imports in May were 816,000 tons, bringing shipments in the first five months to 3.85 million tons, up 73% on the year.