China’s total soybean imports in November this year rebounded sharply to 8.57 million mt after sliding for two consecutive months as delayed cargoes arrived.
The imported volume last month was up more than 67% from the previous month, but it was still more than 10% lower than the volume cleared in November 2020, according to latest data published by China customs.
Soybean vessel landings in China were delayed in September and October after Storm Ida paralyzed parts of the export facilities in the US Gulf region forcing Chinese importers to source their products from Brazil and the US west coast.
Many contracted cargoes in the US Gulf were delayed by two weeks to one month back in September and October this year.
With just one month left in the 2021 calendar year, China’s total soybean import is on track to reach a new record high of 104-105 million mt this year, based on Sitonia Consulting estimates.
China imported a record volume of 100 million mt in 2020 due to the sharp rebound of animal feed demand in the hog industry, as strong profits fuelled rapid hog herd expansions by large companies.
For 2020/21 marketing year, starting in October 2020, China cleared a total of 99.79 million mt of soybeans, up 1.28% year on year.