Slower Chinese demand impacts on Brazilian soybeans sales and beef prices

The Chinese economy is slowing down, the Yuan is weaker against the US dollar and Beijing is insisting with complete lockdowns in many cities because of Covid 19 or respiratory diseases, reducing considerably activity and consumption. Soybeans imports fell 19% in October from a year earlier to 4.14 million tons, Customs 0data showed in China, representing their lowest for any month since 2014, after buyers cut purchases amid high global prices and poor crush margins. Imports by the world’s top buyer of the oilseed were 73.18 million tons for the first 10 months of the year, down 7.4% from last year, data from the General Administration of Customs showed. The very low shipments, matching the October 2014 figure of 4.1 million tons, underline an urgent need to rebuild stockpiles. “Crush margins have been bad most of this year which has weighed on imports,” said Darin Friedrichs, co-founder of Shanghai-based consultancy Sitonia Consulting. Global soybean prices hit a decade-high in ...