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China's Imports of U.S. Soybeans Surge in October

26 Nov 2020 6:20 am
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Mumbai (Commodities Control) – Chinese imports of U.S. soybeans surged almost three-fold in October on a year-on-year basis, customs data showed on Wednesday, as cargoes booked following a Phase 1 trade deal between the United States and China arrived in the country.

The world's top buyer of soybeans, brought in 3.4 million tonnes of the oilseed from the United States in October, up 196.4% from 1.147 million tonnes a year ago, data from the General Administration of Customs showed.

Chinese buyers stepped up purchases of U.S. farm produce including soybeans earlier this year, partly to fulfil commitments made in a January deal aimed at tempering the trade war between the world's two largest economies.

The October shipments were up from 1.17 million tonnes in September, as U.S. soybeans started to dominate the market in the fourth quarter.

"Supplies from South America fell to the bottom while American new crop started to be shipped and arrived in October," said Xie Huilan, analyst at agriculture consultancy Cofeed.


China also bought 4.233 million tonnes of Brazilian beans in October, up 11.6% from 3.793 million tonnes in the previous year, as cargoes booked earlier on good margins cleared customs.

The figures were down from 7.25 million tonnes in September, as the soybean season in the South American country was coming to a close.

Chinese crushers snapped up Brazilian soybeans earlier this year as they sought to benefit from attractive crush margins amid healthy demand from a steadily recovering pig herd.

China imported 8.69 million tonnes of soybeans in the whole month of October, up 41% on year.



       
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