China's Nov soy imports soar to 9.59mn T on rising US trade truce cargoes

BEIJING: China's soybean imports in November jumped from the previous year, customs data showed on Monday, as cargoes booked from the US following the Phase 1 trade deal cleared customs.

China, the world's top soybean buyer, brought in 9.59 million tonnes, up from 8.28 million tonnes in the same month a year earlier, data from the General Administration of Customs showed, as more American cargoes arrived in the fourth quarter.

November imports were also up from 8.7 million tonnes in October.

Chinese buyers stepped up purchases of US farm produce including soybeans to fulfill China's pledge in the initial trade deal it signed with the United States in January this year.

Crushers also ramped up on imports of Brazilian beans earlier in the year amid steadily recovering pig herds.

Soybean arrivals, combining both Brazilian and US cargoes, have been large, while crush margins weakened on rising American soybean prices, forcing some crushers to cancel US cargoes.

Some crushers in southern and eastern China have suspended operations due to bulging inventories, according to Cofeed, an agriculture consultancy.

The market is also closely watching whether there would be more cancellations of US bean deals, as crush margins looked to remain weak.