BEIJING: China brought in a record 12.14 million metric tons of soybeans in August, as traders stock up on the back of lower prices and on concerns trade tensions between Beijing and the US could intensify if Donald Trump returns as president.
Last month’s imports were a 29% jump from 9.43 million tons a year ago, according to Reuters’ calculations of customs data released on Tuesday.
Total soy arrivals in the first eight months of the year reached 70.48 million tons, up 2.8% year-on-year, the General Administration of Customs data showed.
Rising costs of imported soybean have lifted crush margins in China’s key processing hub of Rizhao to its highest since July, although crushers are still losing about 300 yuan ($42.17) for each ton of soybean processed.
China’s recent large imports of soybean have been driven by lower prices and the prospect that Donald Trump could reignite trade tensions if he is elected US president in November, traders and analysts say.
The world’s top soybean buyer is facing an oversupply of soybeans as a struggling economy weakened consumption of meat and dairy.
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