Brazil Soybean Shipments Surge to Record Led by Huge China Haul
(Bloomberg) -- China’s appetite sent Brazil soybean exports to a record high in April, with the Asian nation working to feed its growing hog herd just as planted area for the oilseed may drop.
Brazil shipped 12.6 million metric tons to China in April, a 19% jump from a year earlier and the most in a single month in data going back to 1997, according to Brazilian Trade Ministry data published on Thursday. The volume shipped to all destinations also hit a record in April, surpassing the previous high by 2.5 million metric tons.
China has been buying massive amounts of soybeans and corn to rebuild the world’s largest hog herd. The demand comes after Brazil’s shipments started later than usual this year following a delay in the soybean harvest. As supplies from the new crop have reached ports, exports have sped up.
Chinese soybean area may drop for the first time in six years, shrinking 7.3% from a year earlier, according to the China National Grain and Oils Information Center. Soybean imports will rise to 102 million tons in the year starting October, from 98 million tons this year, it said.
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