Falling imports and demand 📉

🇨🇳 China, the world's top soybean buyer, saw its April imports of soybeans fall by 10% from a year ago after stricter customs checks delayed cargoes for up to two weeks and resulted in lower imports than expected.

     • Chinese customs set a requirement for traders to wait for the results of quarantine checks before delivering their soybeans, so they're held at customs warehouses until the permit is granted.

🧑‍🌾 There's more to the issue, though. While costs have risen, soybean demand is falling short of market expectations, as hog farmers have been losing money since the start of the year. To better understand the Chinese market, click here.