SunSirs: China's Soybean Imports Increase by 6.4%

According to the latest data from customs, China imported 9.482 million tons of soybeans in October 2025. From January to October 2025, China imported a total of 95.682 million tons of soybeans, an increase of 6.4% compared to the same period last year.

China's soybean imports from January to October 2025 increased by 6.4% year-on-year, indicating an increase in soybean supply, which will enhance the supply of raw materials for soybean meal production and may lead to an increase in spot soybean meal supply, suppressing spot prices. Based on recent soybean meal futures data (such as the closing price of contract 2601 on November 7th at 3,058 RMB/ton, down 19 RMB/ton), the futures market has shown a downward trend, and the expectation of import growth may further strengthen concerns about oversupply, driving down futures prices. The overall rating is generally negative.

The import volume of soybeans increased by 6.4% year-on-year, indicating an increase in raw material supply, which may increase the production and spot supply of soybean oil, posing negative pressure on soybean oil spot prices. Referring to the soybean oil futures market (such as the closing price of contract 2601 on November 7th at 8,184 RMB/ton, although slightly up by 10 RMB/ton), the news of import growth may reverse the short-term upward trend, triggering market expectations for increased forward supply and thus suppressing futures prices. The overall rating is generally negative.

Customs data shows that the import volume of soybeans from January to October 2025 increased by 6.4% year-on-year, directly indicating an increase in domestic market supply, which may lead to a loosening of soybean spot supply and demand, and exert downward pressure on spot prices. The import growth exceeds the normal growth rate, exacerbating the risk of oversupply, therefore the rating is generally negative.

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