Amidst shifting global trade dynamics, China’s soybean imports witnessed a notable decline in the initial months of 2024. According to data released by the General Administration of Customs on Thursday, China imported 13.037 million tons of soybeans in the first two months of the year, marking an 8.8 percent drop compared to the same period last year. This volume also represents the lowest import level since 2019.
The import cost of soybeans during this period followed suit, standing at 4,054.8 yuan per ton, down by 12.6% year-on-year. These figures reflect a changing landscape influenced by various factors, including global market fluctuations and domestic agricultural policies.
Navigating the Numbers
Zooming out to a broader perspective, the trend persists. From October to February of the 2023/24 agricultural year, China’s total soybean imports amounted to 35.94 million tons, registering a 1.1% decrease compared to the same period in the previous year.
However, projections indicate a potential turnaround. According to the US Department of Agriculture’s February supply and demand report, China’s soybean imports are anticipated to rebound. Forecasts suggest that imports will hit a record 102 million tons in the 2023/24 season, representing a modest increase of 1.1% from the previous year’s 100.85 million tons.
Unveiling Insights
These statistics offer insights into the intricate dance of supply and demand in the global soybean market, echoing broader shifts in agricultural trade patterns. While early 2024 showcases a dip in China’s soybean imports, anticipation brews for a potential resurgence in the coming months, aligning with projections of record-breaking import volumes for the current agricultural year.
As stakeholders navigate these fluctuations, the soybean industry remains a focal point of attention, shaping strategies and policies in response to evolving market dynamics.
Current Market Price in China for new crop soybean
Product |
Chinese Soybean |
|
Type |
NON-GMO |
|
Color |
Yellow |
|
Purity |
99.5 % Min |
|
NON |
GMO |
|
Package |
25kg Paper Bag |
|
Loading |
22Tons / 20GP |
| Conv. FOB Dalian
|
USD 830-850/Mt – EURO 758-776/Mt
|
| Org. FOB Dalian
|
USD 900-930/Mt – EURO 822-850/Mt
|