China's soybean imports from the U.S. plunged in March from a year earlier, customs data showed on Wednesday, as poor margins curbed buying.
According to Reuters, China, the world's top importer of soybeans, bought in 3.37 million tonnes last month from the U.S., down from 7.18 million a year earlier, data from the General Administration of Customs showed.
The trend for the year in U.S. shipments was lower, with imports during the first three months of 2022 falling 30% from a year earlier to 13.4 million tonnes, according to the data.
Last month, it was reported that China was on a buying spree to meet robust demand as worries over supplies grow following Russia’s invasion of Ukraine and weaker-than-expected supply from Brazil, the world’s biggest soybean producer.
Chinese buyers booked about 20 cargoes of American soybeans and about 10 shipments of corn.
