May imports of grain and grain flour 2.86 million tons

China exported 13147 tons of rice in May, 81296 tons of rice from January to May 2015 and 63801 tons in the same period last year, up 27.4% year-on-year, according to data released by the General Administration of Customs on May 8. China imported 2.86 million tons of grain and grain flour in May, with a cumulative import of 12.5 million tons from January to May. The import volume in the same period last year was 8.49 million tons, up 47.3% year-on-year. China's soybean imports in May were 6.13 million tons, up 2.7% year-on-year and 15.4% month-on-month. 1-5 Monthly soybean imports were 27.07 million tons, down 2.7% from the same period last year, and the average import price was 2792.8 yuan per ton, down 22.8%. 470,000 tons of edible vegetable oil were imported in May, and 2.05 million tons were imported from January to May, down 33.3% year-on-year.

China's soybean imports are set to rise further in the coming months, mainly due to the arrival of South American soybeans ordered earlier, which could put pressure on crush margins, analysts said on Monday. Soybean imports reached 6.13 million tons in May, up 15.4 percent from April and 2.7 percent from a year earlier, according to data released Thursday by the General Administration of Customs. Soybean imports are estimated to be as high as 8.5 million tons in June, which would be near record levels. The increase in imports is due to record South American soybean production this year and the arrival of previously contracted soybeans.

A surge in soybean imports in May and expectations that June soybean imports will hit a record high have pushed domestic soybean meal prices to an eight-year low. Lower pig stocks also hurt demand for soybean meal. Analysts pointed out that demand for soybean meal this year is weaker than last year, and weak soybean meal prices have led to crushing losses in Guangdong and Guangxi. In Guangdong, spot soybean meal prices fell to 2460 yuan per ton, and some small traders who had previously signed up to buy soybean meal at 2700 to 3000 yuan per ton defaulted.