China's June soybean imports seen up

Soybean imports in China, the world's biggest buyer, are expected to rise 63 percent on the month to a record 8.32 million tonnes in June, an official think tank said on Tuesday, citing data from the country's Ministry of Commerce. The China National Grains and Oils Information Center (CNGOIC) published the details of the forecast in its daily market report on Tuesday.
Delayed shipments, caused mainly by port congestion in Brazil, led to a 12.2 percent fall in soybean imports over the first five months of the year, and buyers are looking to replenish dwindling stockpiles. The huge import volume in June is likely to hurt crushing margins, and may trigger cancellations by Chinese crushers.