China brought 79.08 million tonnes of soybeans in the first ten months of the year, down 5% from the previous year (Photo: (Photo: Pexels))
China’s soybean imports in October were down 41.2% from a year ago, hitting their lowest level since March 2020, customs data showed on Sunday as weak crush margins restricted demand and combined Hurricane Ida limited shipments to the United States. .
The world’s biggest buyer of soybeans brought in 5.11 million tonnes of oilseeds in October, up from 8.69 million tonnes a year earlier, according to data from the General Administration of Customs.
Data shows that China’s soybean purchases in October were also down from 6.88 million tonnes in September.
China brought 79.08 million tonnes of soybeans in the first ten months of the year, down 5% from the previous year.
Chinese processors increased purchases earlier this year in anticipation of strong demand from pork farms to recover faster.
However, demand fell after the supply of pork exceeded demand, causing prices to plummet and wipe out producers’ profits.
Pig farmers suffered heavy losses in the summer months, although prices rose in October.
As recently as early September, soybean crush margins were negative after hitting a record low in June. However, margins improved in September as inventory declined.
Hurricane Ida, which hit the US Gulf Coast in early September, damaged at least three of about 12 export terminals scattered along the Mississippi River.
