Import of soybeans to China increased by 23.5% in July.

In July, China imported 9.73 million tons of soybeans, which is 23.5% higher compared to the same period last year, according to customs data released on Tuesday. This increase in imports can be attributed to nearly record-breaking soybean production in Brazil, which influenced the rise in shipments.

The data reveals that the total import volume for the first seven months of the current year reached 62.3 million tons, marking a 15% increase compared to the previous year.

Soybeans are crushed to produce soybean meal, a major ingredient in animal feed, which is in high demand due to China’s large pig population.

The processing profitability in China has remained positive since mid-June: processing plants in the key processing hub of Zhijiao are generating a revenue of 277.67 yuan ($38.51) per ton of processed soybeans.

Soybean meal prices in China have risen by 23% since late May, reaching 4,500 yuan ($627.56) per ton.