China reduced the volume of purchases of soybeans in November 2022 by 14% compared to the same month last year, to 7.35 million tons according to customs data. The decrease in the number of deliveries was observed against the background of problems with logistics from the leading supplier – the United States.
Low water level in Mississippi
“This reduction was due to low rates of supplies from America due to a decrease in the water level in the river Mississippi, which hindered the delivery of oilseeds to US ports,.” the message says.
Several market participants expected more than 9 million tons of soybeans to enter the Chinese market in the previous month. In general, for 11 months of this year. China purchased more than 80.5 million tons of soybeans, which is 8.1% lower than in January-November 2021.
China-Biggest importer of soybeans
Recall that China is the world’s largest importer of soybeans – annually about 100 million tons of this crop are imported into the country, and about 20 million tons are produced on the domestic market. The day before, the country announced plans to purchase 1.5 million tons of oilseeds from Argentina as part of the renewed preferential exchange rate program for the soybean sector in the South American country.
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