I. November soybean crush in China

China’s soybean crush totaled 8,542,950 tonnes in November (meal 6,748,931 tonnes and oil 1,623,161 tonnes), an increase of 154,630 tonnes or 1.84% from 8,388,320 tonnes in October and an increase of 19.88% from 7,126,100 tonnes a year earlier, according to final detailed investigation and verification by Cofeed.

Soybean crush nationwide totaled 16,931,270 tonnes in the crushing year of 2020/2021 (from Oct 1st, 2020), up 3,113,370 tonnes by 22.53% from 13,817,900 tonnes in 2019/2020. In the calendar year of 2020 (from Jan 1st, 2020), national soybean crush totaled 86,785,220 tonnes, up 10,940,220 tonnes by 14.42% from 75,845,000 tonnes in 2019.

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

II. Soybean imports in China

China imported 8,688,400 tonnes of soybean in October, a decrease of 1,100,800 tonnes or 11.52% from 9,789,200 tonnes in September and an increase of 2,507,300 tonnes or 40.56% from 6,181,100 tonnes in October 2019, data by China’s Customs showed. In January-October 2020, soybean imports totaled 83,216,800 tonnes in China, up 12,527,200 tonnes or 17.72% from 70,689,600 tonnes in the same period last year.

Brazil was still the top supplier. China brought in 4,233,100 tonnes of soybeans from Brazil in October, down 3,012,000 tonnes or 41.57% from 7,245,100 tonnes in the previous month, but up 439,900 tonnes or 11.60% from 3,793,200 tonnes a year earlier. China’s soybean imports from Brazil totaled 60,357,400 tonnes in January-October 2020, up 11,373,600 tonnes or 23.22% from 48,983,800 tonnes in the same period last year.

China imported 3,399,500 tonnes of U.S. soybeans in October, up 2,230,900 tonnes or 190.90% from 1,168,600 tonnes in the previous month and up 2,252,200 tonnes or 196.30% from 1,147,300 tonnes in October 2019. China’s soybean imports from the U.S. totaled 14,010,400 tonnes in January-October 2020, up 2,715,900 tonnes or 24.05% from 11,294,500 tonnes in the same period last year.

Soybean arrivals at domestic ports are 139 vessels totalling 9.14 mln tonnes in November, according to the survey by Cofeed. Soybean arrivals are forecast to be 142 vessels or 9.328 mln tonnes in December, 8 mln tonnes in January 2021, 6.3 mln tonnes in February 2021, 6.50 mln tonnes in March 2021 and 7.20 mln tonnes in April 2021. Statistics will be revised every week on account of variable and unstable buying.

 III. Carryover soybean stocks in China

China’s soybean stocks continue falling in November as soybean crush still maintains a fairly high level. By the end of this month, imported soybean stocks in China totaled 6,436,900 tonnes, down 526,200 tonnes or 7.55% from 6,963,100 tonnes in October yet up by 46.55% from 4,392,000 tonnes of the same period last year. Domestic soybean stocks usually go down 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. November Soybean Crush Margins in China