China imported soybeans at a near record pace in September

According to the General Administration of Customs, China imported 11.37 million tons of soybeans in September, down slightly from the record 12.14 million tons in August. In September last year, imports totaled 7.15 million tons. This was reported by Reuters.

Chinese traders have increased purchases in recent months, taking advantage of falling global soybean prices and anticipating a possible increase in tensions with the United States if Donald Trump returns to the presidency after next month’s election.

Soybean imports totaled 81.85 million tons in the first nine months of this year, up 8.1 percent from the same period last year.

China is the world’s largest importer of soybeans and buys the crop mainly from the United States and South American countries.

Now the US has accumulated large stocks of soybeans left over from previous harvests. This year, the U.S. soybean crop, which is still being harvested, will renew the record. According to the forecasts of the US Department of Agriculture, it will amount to 124.7 million tons (113.3 million tons last season).

Tags: China, soybean, imports