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China bought a lot of soybeans in 2020
China says it bought 100.327 million tons of soybeans in 2020. That’s a record amount and an increase of 13.3% from the 2019 total of 88.513 million, as demand driven by Beijing’s re-expansion of its’ swine industry helped soybean crush margins improve and encouraged crushers to buy more beans.
Early in 2020, most of those beans were sourced from Brazil, but purchases from the U.S. gained steam once harvest got underway.
According to preliminary trade data from China’s General Administration of Customs, 2020 soybean imports were worth $3.95 billion, compared to $3.53 billion in 2019.
No breakdown of origins was listed in the report.
The USDA’s next set of supply and demand estimates is out February 9th.
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