China’s soybean imports to China from the U.S. rose 13-fold in September

According to the General Administration of Customs, China’s soybean imports in September 2024 totaled 11.37 million tons, down 6.3% from the previous month and up 59% year-on-year. From January to September, the cumulative volume of China’s soybean imports was 81.85 million tons, up 8.1% from the same period last year. The volume of soybean imports decreased in September but remains high. Pressure on the market by imported soybean supplies persists, limiting the upward trend in soybean meal prices.

According to government data released on Sunday, China’s soybean imports from the United States rose 13 times in September from a year earlier, marking the sixth consecutive month of growth.

The world’s biggest soybean buyer imported 1.71 million tons of soybeans from the US last month, up 132,680 tons from a year earlier, according to the General Administration of Customs.

However, import volumes from the U.S. are still significantly less than the top producer, Brazil.

Brazilian soybeans accounted for most of the near-record 11.37 million tons of oilseeds that arrived in China in September, as good processing margins boosted purchases.

Soybean shipments from Brazil rose 23% in September from the same month last year to 8.45 million tons.

From January to September, total shipments from Brazil rose 13% year-on-year to 62.24 million tons. Shipments from the US fell 15% over the period to 14.55 million tons.

Brazil shipped 226,307 tons of corn to China last month, accounting for 37% of total shipments.

As of October 15, soybean meal stocks totaled 1 million tons, but, are showing downward momentum. Some decrease in prices was noted as the demand in the livestock industry decreased, as well as the volume of purchases of soybean meal by feed mills.

Analysts believe that demand in the soybean meal market is currently at a low level, which leads to a low volume of purchases. News of a record U.S. soybean crop is also having an impact. The soybean meal market is expected to grow in the future.

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Tags: soybean, imports, China