The largest importer of soybeans in the world China is expected to continue importing at a high rate through the fourth quarter of 2023, setting a record for purchases. However, sales are expected to decline early in 2024 due to weak demand from hog farms. Brazil’s soybean supply is expected to outpace China’s imports in the final three months of the year due to superior oil and meal quality.
Overcasting the demand for American cargo in the largest oilseed market in the world, China’s purchases from the US this year are far lower than usual. Due to the fact that it is US harvest season, the price difference between Brazilian and US soybeans has decreased. Though Brazilian beans are more accepted by the crushers due to their better quality,
China’s soybean imports remain high due to the steady development of the feed industry. China’s total imports in 2023 are expected to reach a record high of around 105 million metric tonnes, up 15% from 91.1 million metric tonnes last year. Whereas According to CNC-SOY-IMP, China’s soybean imports in January–September 2023 jumped 14.4% year-on-year to 77.8 million metric tonnes.