Chinese demand for soybean tends to grow further as the swine herd is quickly recovering.

Chinese imports of soybean grew by 1.9% in Sep in comparison to Aug and by 19% in comparison to Sep last year. On YTD, it has already grown 15.5% in comparison to the same period of the year before. Even so, their national weekly stocks reduced from 1.27 million to 1 million tonnes, what indicates that their imports will remain strong for the coming months in order to keep up with the fast pace recovery of their swine herd. From Mar to Sep, Brazil was the main supplier of all the soybean complex (grain, meal and oil). As Brazilian stocks are low due to off-season, China is now addressing its purchases to the USA.