Soybean: Summary of China’s Imports From January to May

Beijing, June 9 news: Statistics released by the General Administration of Customs of China on Thursday showed that China’s soybean imports in May 2022 increased by 20% month-on-month. China imported 9.67 million tons of soybeans in May, up from 8.08 million tons in April. It is also higher than the 9.61 million tons in the same period last year, which is at the high end of the market’s expected range. Analysts said China’s soybean imports in May rose slightly year-on-year, possibly because some cargoes were delayed due to the epidemic and port congestion, which are now reflected in customs data. Brazil’s soybean exports have fallen significantly over the past two months, but these declines are not yet reflected in May’s figures, given Brazil’s shipment times to China. China’s soybean imports in the first five months of this year were 38.04 million tonnes, down 0.4 percent from a year earlier, as high soybean costs and muted demand from the feed industry curbed import demand from domestic oil mills, customs data showed. Currently, in Rizhao, Shandong, a loss of 9 yuan per ton of soybeans is processed, while the crushing profit in March is as high as nearly 1,500 yuan.

Current Market Price in China for Chinese Soybean