China imported zero US soybeans in October

In October, China imported no soybeans from the United States for the second month in a row, despite imports of the crop rising to a record high thanks to purchases from South America. Chinese buyers sought to avoid supply disruptions amid trade tensions with Washington, Reuters reported.

In October last year, China, the world’s largest soybean buyer, imported 541,400 tonnes from the United States.

The pause in imports occurred after China imposed high tariffs on American soybeans and the depletion of old-crop stocks in the United States.

In October, China imported a record 9.48 million tonnes of soybeans. Shipments from Brazil last month increased 29% year-on-year to 7.12 million tonnes, accounting for 75% of China’s total oilseed imports. Shipments from Argentina also increased 15% to 1.57 million tonnes, accounting for one-sixth of total oilseed imports.

After months of virtually halting purchases of US soybeans during the tense trade standoff between Washington and Beijing, China resumed purchases following talks between the two countries’ leaders in South Korea in late October.

According to the US Department of Agriculture, China’s state-owned COFCO has purchased more than 1 million tonnes of US soybeans since the end of October.

Markets are now anticipating additional large purchases of soybeans by China, as the White House previously announced that China had agreed to buy 12 million tonnes of US soybeans this year. China has not yet confirmed this information.

Tags: China, soybean, USA