Market News & Headlines >> China October Soybean Imports at 8-Year Low
China’s October soybean imports hit an eight-year low, down 19% from a year earlier as high global prices and poor Chinese crush margins this summer caused buyers to slow purchases.
Data from China’s General Administration of Customs released on Sunday showed October soybean imports at 4.14 million metric tons, down from 5.11 million tons in October 2021. October imports were also down 46% from September imports of 7.72 million tons. China’s January-October soybean imports totaled 73.18 million tons, down 7.4% from last year, the customs data showed.
China’s stocks of soybeans and soymeal are now extremely tight due to the slowdown in imports and a surge in soymeal demand that has accompanied a recovery in profitability for China’s hog sector. Cash soymeal prices have hit record highs in recent weeks on tight supply.