BEIJING, CHINA — China’s soybean imports increased 41% in October compared to a year ago, Reuters reported, citing the General Administration of Customs.
China imported 8.69 million tonnes of soybeans in October, up from 6.18 million tonnes. Crushers booked Brazilian soybeans on good crush margins and US soybeans are starting to arrive, Reuters said.
Imports were down compared to September when 9.8 million tonnes was imported.
While US soybean imports increased in October, the majority are still from Brazil, according to one analyst.
US soybean purchases are increasing in the fourth quarter and early next year, when the US crop dominates the market. China also is working to fulfill the terms of the phase one agreement trade deal with the United States.
“The buying pace is expected to slow a little in the coming months, as crushers have booked a lot of Brazilian beans earlier already and US beans will increase as well,” said a crusher based in northern China.