China’s Nov Soybean Imports From U.S. Surge From Oct As Ida Effects Clear – Reuters

BEIJING, Dec 20 (Reuters) – China’s November soybean imports from the United States surged from October, customs data showed on Monday, as the effects of the export disruptions from Hurricane Ida earlier this year started to clear.

China, the world’s top buyer of soybeans, brought in 3.63 million tonnes of the oilseed from the United States in November, up from only 775,300 in October, data from the General Administration of Customs showed.

October soybean imports from the United States declined after Hurricane Ida limited U.S. exports in September, while poor crush margins in China also curbed demand. read more

Overall, China brought in 8.57 million tonnes of soybeans in November, up sharply from October arrivals, boosted by the U.S. cargoes. The November figures, however, were down from last year.

U.S. imports also remained much lower than a year ago, down 40% from 6.04 million tonnes in November 2020.

Imports from Brazil, China’s top supplier, climbed to 3.75 million tonnes in November, up from 3.3 million tonnes in October, the data showed.

Brazilian imports surged from a year earlier, up 37% from 2.74 million tonnes in November 2020.

Crush margins in Rizhao, a major soybean processing hub in Shandong province, hit a record low of minus 650 yuan ($101.92) per tonne in June, before climbing to over 200 yuan in November.

However, margins have plunged to minus 16 yuan per tonne.

Hog farmers in Shandong barely make ends meet, making about 30 yuan with each hog, which weighs on the crush margins.

Chinese crushers bring in soybeans to crush into soymeal to feed the massive livestock sector and to make cooking oil.

($1 = 6.3774 Chinese yuan renminbi)

Reporting by Hallie Gu and Dominique Patton; Editing by Christian Schmollinger

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