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US soybean exports to China rise in November

According to customs data, China's soybean imports rose sharply in November from the previous month, as more shipments from the United States arrived.
calendar icon 7 December 2021
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China, the largest importer of soybeans, brought in 8.57 million tonnes in November, up 68% from October's figure of 5.11 million, reported Reuters.

In September, hurricane Ida limited US grains exports, including soybeans. As the hurricane eased, though, US shipments picked up. The market has now entered the peak export season.

China's reliance on US soybean imports was expected to fall from the previous year, especially in light of strong competition from an early Brazilian harvest. November soybean imports were also down from 9.59 million tonnes in the corresponding month a year earlier, when a large volume of US cargo arrived following a trade deal.

In the first 11 months of the year, China brought in 87.65 million tonnes of soybeans, down 5.5% from the corresponding period the previous year, reported Reuters.

Soybean shipments in 2021 were seen to slow from the previous year, as low crush margins curbed demand.

China's soybean crush margins increased from June's record lows to more than 200 yuan a tonne in October, before retreating.

Hog margins in the southwestern province of Sichuan, a top producer of pigs, are 250 yuan a head, up sharply from early October, when farmers faced a loss of 400 yuan on each animal.

But pig prices are expected to fall in the new year if production is not cut substantially, the farm ministry said.

China also brought in 673,000 tonnes of vegetable oils in November. Imports in the first 11 months of the year were 9.573 million tonnes, up 1.6% on the year, the data showed.