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Chinese Buys Boost Brazil's Soy Exports to Monthly Record in March

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Chinese Buys Boost Brazil's Soy Exports to Monthly Record in March

LIAO SHUMIN
DATE : APR 07 2020/SOURCE : YICAI

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Chinese Buys Boost Brazil's Soy Exports to Monthly Record in March

(Yicai Global) April 7 -- Huge Chinese demand lifted Brazil's soybean exports to a record 13.3 million tons last month.

Brazil exported 9.9 million tons of soybeans to China in March, up by a yearly 47 percent, data show, Xinhua News Agency reported April 3, citing Brazil's National Association of Grain Exporters. The South American country shipped about 16 million tons of the legumes to China in the first quarter, up 17 percent from last year.

Brazil is now harvesting its soy and its yield is set to hit a historic high of 124 million tons as the crop's area under cultivation expands and other favorable factors intervene, the country's agriculture ministry projects.

Soybeans, which are China's top agricultural import, are mainly processed into edible oil and livestock meal. The East Asian nation took in about 88.5 million tons of the staple from overseas last year, some 85 percent of its overall domestic consumption, while the breakdown for Brazil, the US and Argentina was 65, 19 and 10 percent, respectively. China imported 13.5 million tons in the first two months in 14.2 percent annual growth, its Ministry of Agriculture and Rural Affairs said at an April 4 press briefing.

The ministry and other agencies will together keep a close eye on Covid-19's impact on soybean imports as the pandemic continues its relentless spread. It will also bolster coordination with major exporters to minimize the disease's effect on supply chains and take steps to stabilize domestic bean production.

https://yicaiglobal.com/news/chinese-buys-boost-brazil-soy-exports-to-monthly-record-in-march-
 
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