China’s soybean imports exceed 10 mln tons in July as stocks hit a 10-year high

China imported about 10.64 mln tons of soybeans in July 2026, while August imports are expected to reach 10.5 mln tons. According to SunSirs, the strong inflow has pushed soybean inventories at Chinese ports to their highest level for this time of year in a decade, creating an abundant supply of raw materials.

Against the backdrop of ample supplies, soybean processors maintained a high operating pace. Weekly soybean crushing consistently exceeded 2.2 mln tons, with plant utilisation rates ranging between 62% and 68%. Weekly soyoil production also remained above 400 thsd tons throughout the month.

Higher crushing activity led to a rapid build-up in soyoil inventories. Commercial stocks increased from 960 thsd tons at the beginning of July to 1.2 mln tons by the end of the month, marking the highest level for this period in the past five years. The growing inventories remain the main factor limiting further price gains.

Seasonally weaker demand is also weighing on the market. Hot summer weather typically reduces consumption of deep-fried foods and hot meals in China during July and August. Food manufacturers have been purchasing soyoil only as needed rather than building inventories, while average daily trading volumes stood at around 16 thsd tons.

At the beginning of August, China’s soyoil market remains balanced between opposing factors. Although supplies and inventories are at elevated levels, domestic demand remains weak, preventing prices from establishing a sustained upward trend.

Tags: China, soybean oil, soybean, imports, stocks