China’s soybean imports reach second-highest level on record
According to the China Customs Administration, soybean imports into China in September increased year-on-year to the second-highest level on record, driven by significant purchases from South America amid the ongoing trade dispute with the United States. Reuters reports details.
China’s imports in September showed a significant increase of 7.4%, compared to a 1.3% increase in August. Soybean purchases, in particular, totaled 12.87 million tonnes, up 13.19% year-on-year.
Analysts note that high soybean imports from Argentina and Brazil are ensuring ample domestic supply, and processors are seeking to quickly sell their stocks, which will likely continue to put downward pressure on finished product prices.
It was previously reported that soybean meal prices continue to decline in China; over the past week, domestic prices for this key processed product have fallen by more than 2%, and soybean reserves in the country have reached a record high of 6.8 million tons.
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