China October soybean imports fall on high inventories, weak crush margins

China brought in 7.35 million metric tons of soybeans in October, the smallest October volume since 2023, Business Recorder reported. Customs figures showed imports were 22.5% below the 9.48 million tons recorded a year earlier and 38% lower than September. The result also fell short of analysts’ estimate of about 9.5 million tons monthly for the fourth quarter.

Analysts attributed the slowdown to ample stocks held by crushers, losses on processing and weak pork prices, which restrained purchases and shipment planning. Old-crop supplies from South America were dwindling before substantial new-crop US shipments began, while tariffs have kept US cargoes difficult to access for Chinese processors. A pickup in arrivals during November and December will hinge on trade ties with the United States and better crushing returns; China’s soybean imports from January through October were 93.48 million tons, 2.3% lower year over year.