I. September soybean crush in China

China’s soybean crush totaled 9,101,500 tonnes in September (meal 7,190,185 tonnes and oil 1,729,285 tonnes), an increase of 188,700 tonnes or 2.12% from 8,912,800 tonnes in August and 20.40% from 7,559,650 tonnes a year earlier, according to final detailed investigation and verification by Cofeed.

Soybean crush nationwide totaled 91,776,450 tonnes in the crushing year of 2019/2020 (from Oct 1st, 2019), up 6,691,850 tonnes by 7.86% from 85,084,600 tonnes in 2018/2019. In the calendar year of 2020 (from Jan 1st, 2020), national soybean crush totaled 69,853,950 tonnes, up 7,826,850 tonnes by 12.61% from 62,027,100 tonnes in 2019.

Fig.: Soybean Crush in China by Month

Details for monthly soybean crush by region are shown as follows:

II. Soybean imports in China

China imported 9.6045 mln tonnes of soybean in August, a reduction of 486,900 tonnes or 4.82% from 10.0914 mln tonnes in July yet an increase of 124,300 tonnes or 1.31% from 9.4802 mln tonnes in August 2019, data by China’s Customs showed. January-August 2020 soybean imports totaled 64.7392 mln tonnes in China, up 8.4259 mln tonnes or 14.96% from 56.3133 mln tonnes in the same period last year.

Brazil was still the top supplier. China imported 8.1491 mln tonnes of soybeans from Brazil in August, down 28,700 tonnes or 0.35% from 8.1778 mln tonnes in the previous month, but up 1.4648 mln tonnes or 21.91% from 6.6843 mln tonnes a year earlier. China’s soybean imports from Brazil totaled 48.8792 mln tonnes in Jan-Aug 2020, up 8.4763 mln tonnes or 20.98% from 40.4029 mln tonnes in the same period last year.

China imported 166,400 tonnes of U.S. soybeans in August, up 128,100 tonnes or 34.46% from 38,300 tonnes in the previous month but down 1.5086 mln tonnes or 90.07% from 1.675 mln tonnes in August 2019. China’s soybean imports from the U.S. totaled 9.4423 mln tonnes in Jan-Aug 2020, up 1.0253 mln tonnes or 12.18% from 8.417 mln tonnes in the same period last year.

Soybean arrivals at domestic ports are 135 vessels or 8.838 mln tonnes in September, latest survey by Cofeed showed. Soybean arrivals are forecast to be 8.663 mln tonnes in October, 8.5 mln tonnes in November, and 8.1 mln tonnes in December. In this case, China’s soybean imports will amount to 97.5782 mln tonnes in 2019/20 (Oct-Sept), up 14.9659 mln tonnes or 18.11% from 82.6123 mln tonnes in 2018/19, which is also surveyed by Cofeed.

III. Carryover soybean stocks in China

China’s soybean stocks continued increasing in September amid huge imports. By the end of September, imported soybean stocks in China totaled 7,485,400 tonnes, up 83,200 tonnes or 1.12% from 7,402,200 tonnes in August and up by 43.23% from 5,226,000 tonnes of the same period last year. Domestic soybean stocks usually decreased gradually from September in previous years, but China has purchased much more U.S. soybeans this year as a part of the trade deal, so it is necessary to focus on soybean crush.

IV. September Soybean Crush Margins in China