BEIJING (Reuters) – China’s soybean imports from the United States fell sharply in October compared to the same period last year, according to customs data on Sunday, hit by weak demand and limited exports.
China bought 775,331 tonnes of US soybeans in October, down 77%, according to data released by the Customs Public Administration.
U.S. soybean exports typically increase in the fourth quarter of the year, when the harvest is underway and its grains dominate the market.
However, operators say lower crushing margins and competitive prices for Brazilian grains have reduced Chinese appetizers’ appetite for U.S. goods.
(Bor Hali Ku, Cheng Leng Shivani Singh)
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