I. January soybean crush in China

China’s soybean crush totaled 8,814,520 tonnes in January 2021 (meal 6,963,471 tonnes and oil 1,674,759 tonnes), an increase of 392,030 tonnes or 4.65% from 8,422,490 tonnes in December 2020 and a growth of 49.07% from 5,913,000 tonnes in January 2020, according to final detailed investigation and verification by Cofeed. Last Chinese New Year was in January, so that soybean crush during that month was low.

Soybean crush nationwide totaled 34,168,280 tonnes in the crushing year of 2020/2021 (from Oct 1st, 2020), up 6,336,580 tonnes by 22.76% from 27,831,700 tonnes in 2019/2020. In the calendar year of 2021 (from Jan 1st, 2021), national soybean crush totaled 8,814,520 tonnes, up 2,901,520 tonnes by 49.07% from 5,913,000 tonnes in 2020.

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

II. Soybean imports in China

China imported 7,523,700 tonnes of soybean in December 2020, a decrease of 2,062,800 tonnes or 21.52% from 9,586,500 tonnes in November and a contraction of 1,964,900 tonnes or 20.71% from 9,488,600 tonnes in December 2019, data by China’s Customs showed. In January-December 2020, soybean imports totaled 100,327,000 tonnes in China, up 11,868,600 tonnes or 13.42% from 88,458,400 tonnes in the same period last year.

China brought in 1,177,100 tonnes of soybeans from Brazil in December, down 1,566,000 tonnes or 57.09% from 2,743,100 tonnes in the previous month, and down 3,655,500 tonnes or 75.64% from 4,832,600 tonnes a year earlier. China’s soybean imports from Brazil totaled 64,277,600 tonnes in January-December 2020, up 6,602,000 tonnes or 11.45% from 57,675,600 tonnes in the same period last year.

China imported 5,836,200 tonnes of U.S. soybeans in December, down 204,800 tonnes or 3.39% from 6,041,000 tonnes in the previous month but up 2,796,500 tonnes or 92.00% versus 3,039,700 tonnes in December 2019. China’s soybean imports from the U.S. totaled 25,887,600 tonnes in January-December 2020, up 8,997,300 tonnes or 53.27% from 16,890,300 tonnes in the same period last year.

Soybean arrivals at domestic ports are 124 vessels totaling 8.1560 mln tonnes in January 2021, according to the survey by Cofeed. Due to a delay of Brazilian soybean loading, soybean arrivals are forecast to be 6.40 mln tonnes in February, 6.20 mln tonnes in March, 8.10 mln tonnes in April and 10 mln tonnes in May. 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 January as soybean crush still maintains a relatively high level. By the end of this month, imported soybean stocks in China totaled 5,487,300 tonnes, down 727,100 tonnes or 11.70% from 6,214,400 tonnes in December 2020 yet up by 4.17% versus 5,267,400 tonnes in January 2020.

IV. January Soybean Crush Margins in China