December 9, 2020

China's soybean imports in November surge to 9.59 million tonnes

China's General Administration of Customs data showed the country's soybean imports rose to 9.59 million tonnes in November, up from 8.28 million tonnes in November 2019 as shipments from the United States following both countries' Phase 1 trade deal cleared customs, Reuters reported.

The November soybean imports were also higher than October's 8.7 million tonnes.

Chinese purchasers bought more agricultural goods from the US including soybeans, as China aims to fulfill its pledge in the Phase 1 trade deal signed with the United States earlier this year.

China also imported more Brazilian soybeans to feed its steadily recovering swine herds.

Cofeed, an agriculture consultancy, said southern and eastern-based China crushers have suspended operations because of bulging inventories. Some crushers have been forced to cancel booked US cargos due to weakening crush margins from rising US soybean prices.

- Reuters