News on April 13th:The preliminary data released by China Customs on April 13 showed that China’s imports of soybeans, corn, wheat and other grains increased significantly in the first quarter.
China’s soybean imports reached 7.77 million tons in March, an increase of 82%year-on-year because of the earlier delay of Brazilian soybean cargo clearance at Chinese ports.
China imported 21.18 million tons of soybeans in the first three months of this year, an increase of 19%from 17.79 million tons in the same period last year.
The rainy weather in Brazil from January to February this year has slowed the soybean harvest and delayed shipment at the port. However, the early delayed cargo has begun to arrive at Chinese ports.
Analysts said that China’s strong feed demand will help boost China’s soybean import demand.
Last Friday, the U.S. Department of Agriculture maintained the forecast value of China’s soybean imports for 2020/21 unchanged at 100 million tons.
Analysts said that China’s soybean imports will remain high in the coming months. With the concentrated arrival of imported soybeans, the demand for the pig industry may be affected by the epidemic in Africa, which may result in damage to soybean crushing profits.
The outbreak of African swine fever in some areas of the country this year may reduce the number of pigs in North China by as much as 20%, which will limit the demand for soybean meal and put pressure on soybean imports and prices.
On April 13, China’s weekly soybean meal stocks were 797,900 tons, higher than the 477,000 tons at the end of January. Soybean stocks declined slightly to 4.4 million tons.
Maize and wheat imports surge
China’s imports of corn and wheat surged in the first quarter because of the shortage of domestic supplies and the increase in corn prices.
In the first quarter, China imported 6.727 million tons of corn, a year-on-year increase of more than 5 times; in the first quarter, China’s wheat imports reached 2.925 million tons, a year-on-year increase of more than doubled.