Soybean imports by China break record in the 1st quarter with purchases for inventory

By Dominique Patton BEIJING (Reuters) - China, the world's biggest buyer of oilseeds, imported a record volume of soybeans in the first two months of the year as buyers stockpiled in anticipation of healthy demand and concerns over a delayed harvest in Brazil. January-February imports reached 16.17 million tonnes, customs data showed on Tuesday, up 16.1% from a year earlier. The volume for the two months combined is the highest since at least 2008, according to Reuters filings of customs data. China's General Administration of Customs combines data from the first two months of the year to smooth out distortions caused by the week-long Lunar New Year holiday, which fell this year in late January. China imported much smaller volumes of soybeans in previous decades, making it unlikely that imports before 2008 were greater than this year's level. Imports were higher than expected and followed weak buying for much of 2022, despite a spike in December. February imports likely rose as ...