China's soybean imports fall 41% year over year

Poor crush margins curb demand and Hurricane Ida continues to limit U.S. shipments
calendar icon 8 November 2021
clock icon 3 minute read

Compared to the 8.59 million tonnes purchased in 2020, China, the world's top buyer of soybeans, brought in 5.11 million tonnes of the oilseed in October, General Administration of Customs data showed on Sunday.

China's soybean purchases in October were also down from the September's purchases, which amounted to 6.88 million tonnes.

In the first 10 months of the year, China brought in 79.08 million tonnes of soybeans, down 5% from 2020 purchases.

Anticipating strong demand from a quickly recovering pig herd, Chinese crushers had ramped up purchases earlier this year.

Demand has since dropped, however, as pig supplies outpace demand, which has led to a plunge in prices and farmer profits.

Throughout the summer months, hog farmers have faced heavy losses, although prices have picked up in October.

After hitting record lows in June, soybean crush margins were negative as recently as early September. Margins, however, improved during the month of September on declining stockpiles.

Hurricane Ida, which hit the U.S. Gulf Coast in early September, damaged at least three of the nearly dozen export terminals dotted along the Mississippi River from Baton Rouge to the Gulf of Mexico.

China's soybean purchases in October were also down from the September's purchases, which amounted to 6.88 million tonnes.
China's soybean purchases in October were also down from the September's purchases, which amounted to 6.88 million tonnes.
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