China increased imports of soybeans and corn in October

According to the China Customs Administration, China imported 5.16 million tons of soybeans in October, 25% more than in the same period last year. This is reported by Reuters.

The bulk of imports came from Brazil – 4.81 million tons. Compared to October 2022, imports of Brazilian soybeans increased by 71% due to a good harvest and low prices. U.S. soybean imports from the U.S. decreased to 228.26 thousand tons (772.78 thousand tons in October 2022)

Soybean imports to China in the first ten months of this year amounted to 83.97 million tons, 15% more than in January-October 2022. Brazil supplied 59.68 million tons (+21% y-o-y), the U.S. – 17.78 million tons (-2%).

Corn imports in October almost tripled to 2.04 million tons, including Brazilian corn – to 1.8 million tons. From January through October 2023, China imported 18.6 million tons of corn (-2%).

The volume of wheat imports in October decreased to 660 thousand tons (-47%). Nevertheless, the import figure for the first ten months of this year remains above last year’s figure – 10.83 million tons (+38%).

Tags: China, corn, soybean, imports