China increased imports of soybeans in August

According to customs data, China’s soybean import volume in August 2024 was 12.144 million tons, up from 9.853 million tons in July.

The import volume of soybean from January to August was 70.48 million tons, up 2.8% year-on-year at 68.56 million tons.

Due to a significant increase in soybean imports from January to August 2024 and a shortage of soybean meal supplies, the market is under growth pressure and will continue to see weak fluctuations in the future, analysts at China’s national commodity market agency predicted.

Earlier it became known that China will increase the processing of oilseeds, particularly soybeans, due to increased demand for feed. Soybean processing is estimated at 99 million tons in 2024-25, up from 97.5 million tons in 2023-24. Lower soybean meal prices and competitive export prices have boosted processing over time.

For the full year 2023, China’s soybean imports totaled 99.41 million tons. The main suppliers of soybeans to China are Brazil and the US.

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Tags: China, soybean, imports