Grains

China’s October soybean imports from Brazil slide

Nov, 21, 2022 Posted by Gabriel Malheiros

Week 202248

China’s soybean imports from Brazil fell 15% in October from the same month last year, as high prices and a lack of crushing profits eroded appetite for purchases from the South American nation.

Imports from the United States were flat from a year earlier, data showed on Sunday.

China, the world’s biggest soybean buyer, imported 2.8 million tonnes of the oilseed from Brazil in October, down from 3.3 million tonnes a year earlier, according to the General Administration of Customs.

Overall soybean imports fell 19% in October from a year earlier to 4.14 million tonnes, the lowest for any month since 2014.

Extreme drought that reduced Brazil’s crop pushed up prices of the oilseed earlier this year and eroded profits for China’s oilseed crushers, who also faced weak demand from farmers in the first half.

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