China’s soybean imports from Brazil fell 15% in October from the same month last year, as high prices and a lack of crushing profits eroded appetite for purchases from the South American nation.
For the first 10 months of the year, China brought in 49.31 million tonnes of Brazilian beans, down from 52.75 million tonnes in the same period of 2021., data showed on Sunday.
China, the world’s biggest soybean buyer, imported 2.8 million tonnes of the oilseed from Brazil in October, down from 3.3 million tonnes a year earlier, according to the General Administration of Customs.
Extreme drought that reduced Brazil’s crop pushed up prices of the oilseed earlier this year and eroded profits for China’s oilseed crushers, who also faced weak demand from farmers in the first half.
For the first 10 months of the year, China brought in 49.31 million tonnes of Brazilian beans, down from 52.75 million tonnes in the same period of 2021.
Overall soybean imports fell 19% in October from a year earlier to 4.14 million tonnes, the lowest for any month since 2014.
Arrivals from the United States, China’s number two supplier, edged down to 772,938 tonnes from 775,331 tonnes a year earlier.
Imports from the United States for January to October came in at 20.1 million tonnes, down from 22.57 million tonnes the previous year.