China soybean imports hit record July high on strong Brazil exports

China’s soybean imports rose to the highest ever for the month of July, a Reuters calculation of customs data showed on Thursday, driven by strong Brazilian exports and ongoing China-U.S. trade uncertainties that have raised supply concerns, reports ADM Investor Services.

“This suggests the market is preparing for potential uncertainties arising from China-U.S. trade tensions,” said Rosa Wang, an analyst at Shanghai-based agro-consultancy JCI, who expects imports to remain above 10 million tons in August and September.

Most beans are expected to come from top soy supplier Brazil.

“Brazil’s abundant soybean production has provided a strong supply foundation. Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter,” said Wan Chengzhi, an analyst at Capital Jingdu Futures.