China is stepping up imports of grain and oilseed crops against the background of falling global prices

In May 2023, China sharply increased its grain imports amid a significant decline in Brazilian soybean prices and a reduction in its own wheat harvest due to flooding.

According to the State Customs of the People's Republic of China, in May soybean imports from Brazil increased by 40% compared to the same period last year, from 7.79 to 10.94 million tons. The total soybean import for 5 months of 2023 amounted to 20.15 million tons, which is almost corresponding to last year's figure of 20.47 million tons. Chinese buyers took advantage of Brazil's large soybean harvest and low soybean prices to increase imports earlier in the year. After a delay in harvesting in Brazil and logistical problems during shipment to Chinese ports, a record amount (for the month) of soybeans - 12 million tons - arrived in May.

Soybean imports from the United States in May decreased by 47% compared to last year to 923.5 thousand tons, but totaled 19.16 million tons in 2023, which is significantly higher than the 16.77 million tons of the previous season.

At the same time, the import of corn in May decreased compared to last year by 20% to 1.66 million tons, of which 865.88 thousand tons were delivered from Ukraine (126.7 thousand tons in May 2022), and 568.434 thousand tons from USA (1.9 million tons in May 2022). In total, China imported 10.2 million tons of corn in 2023, which is 10.6% less than the previous season. In July and August, corn supplies will increase due to the market entry of a new crop of corn from Brazil, the prices of which will be lower than for American corn.

Imports of wheat to China in May increased by 71.5% compared to May 2022 to 1.2 million tons, and totaled 7.2 million tons in 2023, which is 63% higher than last year's pace of purchases.

Barley imports in May grew by 59.7% to 1.28 million tons, and totaled 3.97 million tons in 2023, which is 19.3% higher than last year's import rate.