China's soybean and edible oil imports hit a new high again in July

Data released by the General Administration of Customs shows that China's soybean imports in July reached a record 9.5 million tonnes, up 17.4% from 8.09 million tonnes imported in June, as buyers took advantage of weak prices to purchase. China is the world's largest soybean importer.

The surge in soybean imports was driven by record volumes imported from South America over the past few months. China's soybean imports are still expected to remain high in August, but imports may decline later this year.

One analyst said: “We expect soybean imports to remain high in August, but imports may fall from September and October onward.”

Data released by the General Administration of Customs shows that from January to July this year, China's soybean imports totaled 44.66 million tonnes, up 7.1% from the same period last year. However, the value of soybean imports fell 19.7% year on year.

Analysts said that in China, crushing margins remain sluggish, and soybean plants are reluctant to order US soybeans.

Heavy imports of Brazilian and Argentine soybeans have already slowed sales of new-crop US soybeans, making for the slowest start in six years, but the chief executive of Bunge said he expects China to accelerate purchases in the fourth quarter.

Data shows that China's vegetable oil imports in July were 880,000 tonnes, up 27.5% from the previous month.