China’s soybean imports hit their lowest level for any month since 2014 this October, according to customs data, Reuters reported.
Imports for the month reached 4.14 million tonnes, a drop of 19% from a year earlier. Buyers cut purchases due to high global prices and poor crush margins.
Imports for the first ten months of the year were 73.18 million tonnes, down 7.4% from last year.
Global soybean prices hit a decade-high in June, with bad weather hurting production in Brazil, which is China’s top supplier, Reuters said.
High prices and lack of demand from the livestock sector eroded crushing profits. China is short on supplies now that hog profits have recovered and boosted demand for soymeal. Those prices reached record levels in recent weeks due to the tight supply.