A large number of imported soybeans will arrive in China in the next few months.
Analysts say Chinese soyabean imports will rise further in the coming months, mainly because of the arrival of previously ordered South American soybeans, which could put pressure on squeezing profits.
According to data released by the General Administration of Customs, soybean imports reached 6.13 million tons in May, up 15.4 per cent from April and 2.7 per cent over the same period last year.
Analysts estimate that soybean imports in June could be as high as 8.5 million tons, which would be near an all-time high. The increase in imports is due to record soybean production in South America this year and the arrival of previously contracted soybeans.
Domestic soybean meal prices have fallen to an eight-year low as a result of the influx of imported soybeans in May and the market is expected to hit an all-time high in June. The decline in the stock of live pigs also hurts the demand for soybean meal.
Analysts point out that demand this year is worse than last year, and weak soybean meal prices have led to losses on crushing in Guangdong and Guangxi. In Guangdong, the spot price of soybean meal fell to 2460 yuan per tonne, or about $396.5 per tonne, and some small traders who had previously signed up to buy soybean meal at 2700 to 3000 yuan a tonne defaulted.
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