Photo by Sarai Zuno

Mar 22, 2021

China Soybean Imports Down

New cases of African swine fever in recent months have caused concern about pork production and demand for soymeal

China Soybean Imports Down

  • China's total imports of soybeans in the first two months of 2021 fell 0.8% to 13.41 million tonnes.
  • China's soybean imports from Brazil fell sharply to 1.03 million tonnes in January/February, down nearly 80% from 5.14 million tonnes a year earlier.
  • Rain in Brazil has slowed the harvest and export, forcing some crushers in China to consider curbing operations.
  • Shipments from the US to China over the first two months of the year totalled 11.9 million tonnes, almost twice the 6.1 million last year.
  • China’s latest weekly soy crush was lower than expected at just over 1.4 million tonnes compared to 1.7 million in the previous week and last year.
  • Capacity utilization fell to 41% from 47.4% previous as the post holidays recovery remains slower than usual.

FBN’s Take On What It Means: China’s soybean usage was expected to keep increasing thanks to good crushing margins and healthy demand from a fast recovery in the livestock sector. However, new cases of African swine fever in recent months have caused concern about pork production and demand for soymeal. We still expect China to be an active buyer due to high domestic prices, which support prices in exporting countries.


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Marketwatch: Jan, 18

US Corn Price Idx: ZCPAUS.CM

open: 5.7667
high: 5.8486
low: 5.7266
close: 5.8288

US Soybean Price Idx: ZSPAUS.CM

open: 13.366
high: 13.376
low: 13.2328
close: 13.2696

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.3061
high: 7.3384
low: 7.2334
close: 7.2454

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.0114
high: 7.0566
low: 6.9566
close: 7.0014