China's March soybean imports fall to lowest level in four years

Market & Price Trends
Published Apr 12, 2024

Tridge summary

In March, China's soybean imports fell to a four-year low of 5.54 million tons, marking a nearly 20% decrease from the previous year, primarily due to high prices and reduced demand for soybean meal feed driven by weak hog margins. The first quarter of the year also saw a 10.8% drop in imports compared to the previous year, totaling 18.58 million tons, the lowest since 2020. This decline is attributed to the low profitability in the livestock sector and the high costs of imported soybeans. Despite the current downturn, there is an anticipation of increased soybean imports in the second quarter following Brazil's harvest season. However, the expected growth may be tempered by the ongoing weak demand for feed and consumer consumption in China.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Mei Mei Chu BEIJING (Reuters) - China's March soybean imports fell to the lowest level for the month in four years, data showed on Friday, as high prices and weak hog margins discouraged crushing of the oilseed crop. for feed consumption. Total imports in the month were 5.54 million tons of soybeans, a drop of almost 20% compared to the same period last year, according to the General Administration of Customs. Soybean arrivals to the world's biggest buyer of the oilseed in January-March totaled 18.58 million tonnes, shrinking 10.8% from 20.83 million tonnes in the same quarter last year, according to the data. This is the lowest first-quarter import value since 2020, in line with forecasts by analysts and traders that first-quarter arrivals would reach 18-19 million tonnes. This reflects relatively weak demand for soybeans in China due to low profits in the livestock sector that affect demand for meal, said Liu Jinlu, agricultural researcher at Guoyuan Futures. "The high cost ...
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