BEIJING, CHINA – China’s soybean imports from the United States in October declined by 77% over the previous year, Reuters reported, citing data from the General Administration of Customs.
The data showed that China imported 775,331 tonnes of US soybeans last month, well below the 3.4 million tonnes it brought in during October 2020.
This is a major trend reversal, as China typically imports its highest total of soybean from the United States during the last quarter of the year when the United States is completing its harvest.
But several factors contributed to the slump in imports, including poor crush margins, price-competitive Brazilian soybeans, and a reduction in exports from the United States in October after Hurricane Ida damaged key export terminals in the Gulf of Mexico, Reuters reported.
The customs data showed that China imported 3.3 million tonnes of soybeans from Brazil in October, 22% less than the previous year.
The overall total of 5.11 million tonnes of soybeans imported by China in October was 41% below the same month in 2020 and was the lowest total since March 2020, Reuters reported.