China’s Dec. soybean imports could hit 10m tons, stocks to rise: CNGOIC

Chinese imports of soybeans this month are estimated to rise sharply to roughly 10 million tons as crushers are ramping up operations to prepare for a demand spike before the Lunar New Year holiday in January.

Due to slow customs clearance, China’s total soybean imports in November this year were 7.35 million tons, down more than 14% year on year.

However, as more vessels continue to arrive in December, the total import volume by the end of this month is expected to jump, according to China’s National Grain and Oil Information Center (CNGOIC).

“Soybean [cargo] arrivals last week were substantial. Crushers maintained a high operation rate and stocks level rose significantly,” said CNGOIC in a report.

If the estimation is realized, China’s total soybean imports in the 2022 calendar year will hit 90-91 million tons, the lowest since 2020.

As more cargoes arrive in China, soybean inventory at commercial crushers is expected to rise in December. As of last week, the inventory level was nearly 4.5 million tons, up 1.5 million tons from a month ago.