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China announces its plans to achieve record levels of soybean imports this year. In October, they purchased 8.09 million tons of this product, which is the largest volume for this month in the past four years. This figure grew by 56% compared to October 2023, Reuters reports.
According to traders and analysts, American exporters are rushing to send their record soybean crops to China ahead of the presidential elections to avoid potential escalation of trade tensions between Washington and Beijing in the event of Donald Trump's victory.
As a result, the situation in the soybean processing industry in China has improved, and soybean meal prices have surged. News of Trump's victory in the elections led to a 3.6% increase in futures prices for soybean meal DCMcv1 traded on the Dalian Commodity Exchange. Contract quotes for rapeseed meal CRSMcv1 in Zhengzhou rose by 4.76%.
In the coming months, China plans to import huge volumes of soybeans, aiming to stockpile them before Trump takes office in January, according to forecasts by Rosa Wang of the agricultural consulting company JCI.
The total soybean import for January-October 2024 amounted to 89.94 million tons, increasing by 11.2% compared to the same period last year. China imported 99.41 million tons of soybeans in the entire previous year. The record was set in 2020 at 100.31 million tons, according to data from China's General Administration of Customs.
Since 2018, China has been increasing soybean imports from Brazil to diversify supplies and have the ability to raise tariffs on American agricultural products in response to hostile actions by the U.S., while ensuring its food security.
