China imported a record volume of soybeans for August to build a buffer against possible shortages as a protracted trade war with the U.S. — its second-largest supplier — drags on.
Bloomberg reports that China, the world’s biggest soybean importer, purchased 12.28 million metric tons in August, the highest ever recorded for the month, shoring up local availability before U.S. supplies begin to dominate the global market. China has traditionally sourced a large share of its soybean imports from the US, but ongoing trade tensions have pushed it to favor Brazil.
The recent purchases reflect a strategic move to reduce reliance on US shipments ahead of the export season that is expected to peak in the coming months. Abundant imports, mainly from Brazil, have left Chinese crushers better prepared for a winter possibly without US soybeans.
China’s stockpiles of imported soybeans totaled about 6.8 million tons as of last Friday, nearly the highest amount since March.
NAFB news service
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