China’s October soybean imports from the United States fell sharply from the previous year, customs data showed in mid-November, hit by poor demand and limited exports.
China brought in 775,331 tonnes of U.S. soybeans in October, down 77 per cent from 3.4 million tonnes a year earlier, according to data released from the General Administration of Customs.
Soybean shipments from the United States usually pick up in the fourth quarter of the year when the U.S. harvest gets underway and American beans dominate the market.
Poor crush margins and price-competitive Brazilian beans, however, have curbed Chinese crushers’ appetite for American cargoes, traders said.
Crush margins for soybeans stayed in negative territory in China’s main processing hubs for about four months until early September.
