Soybean imports by China rose to the highest level in three months after port congestion eased and more American beans cleared customs.
- China bought 8.28 million tons last month, the most since August, according to customs data released on Sunday.
- That’s up 34% from October and 54% from a year ago.
- Imports from January to November fell 4.1% from a year earlier to 78.97 million tons.
Key Insights
- China may boost imports of Amercian soybeans to cover a deficit in the first quarter of next year if the two countries make progress in trade negotiations.
- Beijing is unlikely to issue new waivers for U.S. suppliers before trade talk progress is made with Washington.
- Chinese crushers have used up almost of their waivers on American soybeans
- China’s finance ministry is in the process of handling requests for tariff waivers on imports of U.S. soybean by domestic companies.
