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

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Soybeans sit in a semi trailer during harvest in Wyanet, Illinois, U.S., on Saturday, Oct. 19, 2019. Hedge funds increased their net-bullish wagers in the soybean market by more than sevenfold as weather concerns creep up for crops in the U.S. and South America. , Bloomberg

(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.

--With assistance from Jasmine Ng.

To contact Bloomberg News staff for this story: Niu Shuping in Beijing at nshuping@bloomberg.net

To contact the editors responsible for this story: Anna Kitanaka at akitanaka@bloomberg.net, Jasmine Ng, Keith Gosman