Chinese Soybean ports stocks at 18-month highs as sentiment is dented by hog farming oversupply

China’s soybean imports surged, lifting port inventories to an 18-month high of 7.1Mt, still 10% below 2021 levels during widespread African Swine Fever outbreaks.

Soybean Stocks Chinese Ports

Record soybean imports in China over last months & mild consumption have allowed inventories at ports to recover to 18-month high levels at 7.1Mt, yet still a good -10% below levels in 2021 when multiple ASF outbreaks had plagued pig farming in China. Although still marginally above its 3-year average, crushing activity in China has contracted by -2% YoY to 2Mt/wk, dented by thin margins and an over-supplied hog industry that faces deep losses.

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