(Yicai Global) Sept. 8 -- China imported 8.45 million tons of soybeans in August, an annual increase of 10.2 percent and a record high for the month, data from the Chinese General Administration of Customs show.
A rise in profits seen among soybean pressing companies was driven by strong demand among buyers, industry insiders say.
Gross margins for Gulf Coast soybean pressing companies increased from CNY60 (USD9.23) per ton at the end of July to the current CNY154, while gross margins among Western US soybean pressers rose from CNY60 at the end of July to CNY204 at present. For Brazilian soybean companies, margins increased from CNY92 at the end of July to the CNY196 now, and in Argentina, pressers saw gross margins rise from CNY69 at the end of July to CNY142, data from industry association Cofeed show.
On a monthly basis, soybean imports fell in August by 16.2 percent compared with 10.8 million tons in July.