China December soybean imports hit 9.5 million mt, 2017 imports up 14%

Imports of soybean in China hit 9.54 million mt in December, according to data from China’s customs statistics, up 10% on November levels and 6% on December 2016 levels.

The figures represent the second highest monthly imports of soybeans after July 2017, when prices were lower than current levels and the nation imported over 10 million mt.

The figures mean China has imported 95.5 million mt in the 2017 calendar year, up 14% year on year, but short of the 100 million mt figure that state-owned agribusiness firm Cofco estimated earlier in December.

Earlier in the day China’s agriculture ministry estimated the October 2017 through September 2018 import figures would reach 96 million mt.

With China importing 24 million mt in the last quarter of the year, it means the world’s biggest importer expects to purchase 76 million mt in the next nine months -equivalent to 8.4 million mt per month.