China’s August soybean imports fall year-on-year on poor demand

China’s soybean imports in August fell slightly from the same month a year earlier, as poor domestic crush margins weighed...

China’s soybean imports in August fell slightly from the same month a year earlier, as poor domestic crush margins weighed on demand, data from China’s customs agency showed on Tuesday.

The world’s top soybean importer brought in 9.49 million mt of the oilseed in August, slightly lower than 9.6 million mt registered a year ago, but up by 9.4% from the 8.67 million mt imported in July 2021.

China’s crush margins remained weak in August, though they have improved from their rock-bottom level in June when high international soybean prices and low domestic demand from the feed industry hit their economics.

The plunge in hog margins dampened purchases of soymeal, which is one of the primary sources of pig feed.

Data from China’s General Administration of Customs showed soybean imports between January and August in 2021 came in at 67.1 million mt, up 3.6% from the same period last year.

The increase came as China’s crushers snapped up soybeans from across global origins in the early months of the year, on an expectation of solid demand from the rapid recovery of the pig industry as it bounced back from African swine fever.

At the same time, China imported 758,000 mt of meat in August, pushing the total volume imported between January through to August this year to 6.69 million mt, slightly down from the 6.58 million mt recorded in the same period last year.

What to read next
California Low Carbon Fuel Standard quarterly update
According to official customs data, the country has exported the largest corn volume on record, while its soybean exports lag behind
Cold spells followed by warmer periods could impact quality of crops
New government regulation due to be approved in March to multiply public and private sector initiatives
Low stocks set the country on course to import
John McGarrity reports from the latest Fuels of the Future conference in Berlin
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed