信德海事网-专业海事信息咨询服务平台
  >  COMMODITIES

China bought 3 million mt of Brazilian soybeans in December, down 27% on year


China purchased 3 million mt of soybeans from Brazil in December, down 27% year on year, according to the Brazilian trade department.
 
In total, Brazil shipped out 3.44 million mt of soybeans in December, down almost 16% year on year, while the country’s calendar year soybean exports in 2019 were 11% lower on the year at 74 million mt, the trade department said.
 
The low December Chinese purchases of Brazil beans were driven by the country’s demand shift to the US as the Xi administration issued tariff waivers to firms importing US-origin beans, sources said.
 
Dismal December Brazilian soy sales could also be a cyclical issue. The last quarter in a calendar year is generally considered lean period for Brazilian soy exports because of depleting old crop inventory, while the new crop is still being planted.
 
The Chinese government has issued several rounds of tariff waivers on US soybean imports since August in anticipation of a partial trade deal, which the two countries could sign on January 15. Two of the world’s biggest economies have been in trade dispute since early 2018. As a result, the two nations have imposed retaliatory import tariffs on each-other’s goods worth billions of dollars.
CALENDAR YEAR SOY TRADE
 
In the calendar year 2019, China purchased 58 million mt of Brazilian soybeans, accounting for 78% of total soy shipments from the South American nation. Other major purchasers were Spain, the Netherlands, Thailand, Iran and Turkey, the report released Monday said.
 
The south-eastern ports of Brazil played a major part in the country’s soybean exports in 2019 calendar year. While Santos shipped out 17 million mt of soy, Rio Grande and Paranagua delivered 13 million mt and 12 million mt of the crop respectively.
ROAD AHEAD
 
Brazil — the world’s largest exporter — is still the primary soybean supplier to China, accounting for 80% of its total soybean purchases, December Chinese customs data showed. However, US-China phase one trade deal, higher domestic crushing demand, and biofuel mandate may limit Brazilian export growth in the coming months, sources said.
 
According to the Brazilian national crop agency Conab’s December report, 2019-20 (September-August) domestic soybean consumption is forecast at 48.6 million mt, up 8% year on year.
 
As global demand for meat products rises, primarily fueled by ASF-hit China, the trend of rising domestic soybean crushing demand is set to continue in Brazil, which needs the soybean-based animal feed to meet demand from its cattle industry, sources said.
 
Source:Platts

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.

Please Contact Us at:

admin@xindemarine.com


Ctrl+D 将本页面保存为书签,全面了解最新资讯,方便快捷。