China’s soybean imports in 2021 fell from the previous year, the first annual drop since 2018, customs data showed Jan. 14, depressed by weakening demand from its massive livestock sector.
China, the world’s top buyer of soybeans, brought in 96.52 million tonnes of the oilseed in the 12 months of 2021, down 3.8 per cent from 100.33 million tonnes in 2020, data from the General Administration of Customs showed, as falling hog margins and increased wheat feeding curbed demand.
Crushers cut back soybean purchases in the second half of the year as crush margins worsened on rising imports costs and low domestic soymeal prices, said Zou Honglin, an analyst with the agriculture division of Mysteel, a China-based commodities consultancy.
“Domestic hog prices plunged, pushing down hog margins and downstream demand for soymeal. The practice of using wheat to replace some corn in feed also cut demand for soymeal,” Zou said.
December imports, however, climbed 18 per cent compared with the same month a year earlier, coming in at 8.87 million tonnes. The figures were also up from November shipments, the data showed.
