China ramps up sampling of soybean shipments, disrupting shipping

Last month, China introduced new customs procedures for unloading soybeans, which have slowed customs clearance times and pushed up costs for buyers of soybeans, the world's most traded protein source. High. In recent days, ports have also stepped up cargo sampling to check for pests and residues, which will add to costs and affect demand, traders said. China, which buys more than 60% of soybeans shipped worldwide, mainly receives oilseed shipments from Brazil and the United States. The tighter customs checks come at a time of ample global supply of oilseeds, which are ground to make protein-rich soybean meal for animal feed and cooking oil. Slow payment times at Chinese ports are pushing up spot soybean meal prices, exacerbating recent damage to Chinese farmers, who raise half the world's pigs. The price of soybean meal in China has increased by nearly 14% since the beginning of April 2023. At China's top soybean port in Rizhao, which will handle more than 10 million tonnes ...