China scales back soybean imports from Brazil

China imports of Brazilian soybeans fell by 18% in September compared to the same month a year ago, according to data from the General Administration of Customs.

It showed China buying 5.9 million tonnes of soybeans from Brazil in September, down from 7.2 million a year ago. Poor crush margins and falling hog prices in China contributed to the decline.

The data showed an even more dramatic decline in soybean imports from the United States as grain terminals in the Port of New Orleans were forced to close after Hurricane Ida struck the United States in early September.

China imported 169,439 tonnes of soybeans from the United States in September, down from 1.17 million tonnes in the same month in 2020.

By far the world’s largest soybean importer, China is expected to import more than 100 million tonnes of soybeans in the 2021-22 marketing year, according to the US Department of Agriculture’s Foreign Agricultural Service, marking the first time it has crossed that threshold.

World-grain

Tags: Brazil, soybean, China