As imports from Soy From U.S in November by China increased from October, customs data showed on Monday, as the effects of disruptions in exports due to hurricane Ida began to dissipate.
China, the world’s largest buyer of soy, brought 3.63 million tonnes of oilseed from the United States in November, compared to just 775.3 thousand in October, according to data from the General Administration of Customs.
US soybean imports eased in October after Hurricane Ida limited exports in September, while weak crush margins in China also dampened demand.
Overall, China brought in 8.57m tonnes of soybeans in November, a strong increase from October arrivals, boosted by US shipments.
November’s numbers, however, are down from last year.
US imports also remained much lower than a year ago, down 40% from 6.04m tonnes in November 2020.
Imports from Brazil, China’s main supplier, rose to 3.75mt in November from 3.3mt in October, the data showed.
Brazilian imports increased by 37% compared to the previous year.
Crush margins at Rizhao, a major soy processing center in Shandong Province, hit a record low of minus 650 Yuan ($101.92) per tonne in June, before rising to more than 200 Yuan in November.
The producers of pigs in Shandong they are barely able to support themselves, earning about 30 Yuan from each pig, which weighs on the margins of crushing.
Source From: Moneytimes
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