China Soy Imports Rise to 3-Month High as U.S. Cargoes Cleared

(Bloomberg) -- Soybean imports by China rose to the highest level in three months after port congestion eased and more American beans cleared customs.

• China bought 8.28 million tons last month, the most since August, according to customs data released on Sunday.
  • That’s up 34% from October and 54% from a year ago.
• Imports from January to November fell 4.1% from a year earlier to 78.97 million tons.

Key Insights

• China may boost imports of Amercian soybeans to cover a deficit in the first quarter of next year if the two countries make progress in trade negotiations.
  • Beijing is unlikely to issue new waivers for U.S. suppliers before trade talk progress is made with Washington.
  • Chinese crushers have used up almost of their waivers on American soybeans
  • China’s finance ministry is in the process of handling requests for tariff waivers on imports of U.S. soybean by domestic companies.

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• Edible oil imports in November rose to 1.06 million tons, the highest since 2012. That brings the total so this year to 8.63 million tons, a 56% increase from a year earlier, customs data show.

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