China’s US soybean imports plunge 77% in October due to low demand

On Monday, Chinese customs data show that China’s soybean imports from the United States fell sharply in October compared to the same period last year, hit by weak demand and limited exports.

China purchased 775,331 tons of US soybeans in October, down 77% from 3.4 million tons a year earlier, according to data published by the General Administration of Customs.

US soybean exports typically increase in the fourth quarter of the year, when the harvest is underway and its grains dominate the market.

However, low crushing margins and competitive prices for Brazilian grains have dampened Chinese processing companies’ appetite for US cargoes, operators say.

Source: Money Times

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