China’s March soybean imports from Brazil plunged as rain delayed some shipments from the world’s top exporter, but U.S. bean imports rocketed more than fourfold as delayed cargoes arrived, hitting the highest monthly total since December 2016, reports Reuters.
The world’s biggest buyer of soybeans imported 315,334 tonnes from Brazil in March, down 85% from 2.1 million tonnes a year earlier, data from the General Administration of Custom showed on Tuesday.
The Brazilian imports were the lowest since January 2017, according to Reuters records of customs data.
“A lot of it seemed to come down to some delays affecting the timing of when U.S. shipments arrived,” Darin Friedrichs, senior analyst at StoneX, told Reuters.
