Soybean imports in China fall 30% in September as demand slows

Customs data on Wednesday show that China’s soybean imports were down 30% in September compared to the same month in 2020 and hit the lowest rate for the month since 2014 as weak crush margins curbed demand.

China, the world’s largest soybean buyer, brought 6.88 million tons of the oilseed in September, compared to 9.79 million tons last year, according to data from the General Administration of Customs.

“The numbers are within market expectations,” said an industry source, who declined to be identified as he was not authorized to speak to the media.

“Crushing margins were poor, while some processors also suspended operation for regular maintenance,” the source says.

Chinese processors increased soybean purchases at the beginning of the year, anticipating strong demand to feed the rapidly recovering swineherd.

But demand has begun to ebb as falling profits in the pork sector put pressure on oilseed crush margins.

Source: Money Times

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