China’s soybean imports hit a 10-year low, down 29%

China’s soybean imports fell to a 10-year low in April, marking a 29.1% drop from a year earlier. The drop was mainly due to delays in customs clearance and a slowdown in soybean supplies from Brazil. According to the report, total imports in April were just 6.08 million tonnes, the lowest figure since 2015.

As a result, China’s oilseed processing sector has been under severe pressure from April to May, leading to a shortage of soymeal supplies. This hurt China’s vast animal husbandry sector, as many processing plants had to reduce or halt production.

Imports are expected to decline in the months of March to May, but the situation is expected to improve in June and May, especially with more soybeans coming in from Brazil. US soybean purchases have also declined, and the situation is being monitored amid trade talks.