China imported 13.7 per cent more Brazilian soybeans in June compared with a year earlier. US shipments fell 20.6 per cent over the same period. Total soybean arrivals reached a monthly record of 13.55 million tonnes.
The rise in Brazilian volumes and clearing of delayed cargoes at Chinese ports drove the June total. Brazilian imports for the first half of the year increased 9.1 per cent to 34.75 million tonnes.
US imports over the same six months dropped 42.4 per cent to 9.31 million tonnes. This decline occurred despite a Chinese pledge to purchase at least 25 million tonnes of US soybeans annually through 2028.
June shipments reflect buying decisions made weeks or months earlier. The annual nature of the commitment leaves scope for larger US volumes later in the year.
