China’s soybean imports from Brazil drop 18% YoY in September

China’s imports of Brazilian soybeans were down 18% in September compared to 2020 according to Chinese customs data released on the 20th, with weak crush margins limiting demand.

The world’s largest soybean buyer imported 5.936 million tons of oilseed from Brazil last month, compared to 7.25 million in the same period last year, according to data from the General Administration of Customs.

Processors upped purchases last year from the main supplier, Brazil, as demand increased to feed the rapidly recovering pork herd. But its purchases have slowed in recent months, with the drop in pork prices hitting the profit margins.

China’s hog margins remain in negative territory despite a rebound last week.

The soy brought in by Chinese crushers is processed into feed ingredients for the livestock sector and for use as cooking oil.

Source: Money Times

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