June 18, 2014
Soy exports rise despite drop in Chinese imports
Despite slowing sales to China, exports of soy from the world's top exporters increased in the past two months, the Hamburg-based researcher Oil World said.
The largest exporters, including Brazil, the US, Argentina and Paraguay, shipped 22.25 million tonnes of soy in April and May, a rise of 6.3% on-year. Increasing demand from the EU, Egypt, Turkey and Indonesia made up for a 4.8% drop in Chinese imports during those two months, according to the report.
The top four exporting countries had shipped a record high of 82.3 million tonnes of soy since the marketing year began in September to the end of May, 27% higher than the same period last year.
Though Chinese buying slowed in the previous two months amid increasing stockpiles, the country's imports since September surged 32% on-year to 54.38 million tonnes, according to the report.