China's July Soybean Imports Dip 1.6% on Feed Demand Worries

China's soybean imports slipped 1.6% in July from a year earlier to 11.48 million metric tons, according to customs data released on Friday. The decline comes against a high comparison base set last year, when buyers rushed to secure Brazilian beans during the trade dispute with the United States.

Two commodity analysts, who spoke on condition of anonymity due to the topic's sensitivity, attributed the softer import volume to reduced purchasing ahead of expected weaker feed demand. A shrinking sow herd has dampened the outlook for animal feed consumption, prompting buyers to trim orders.

Despite the monthly dip, cumulative imports for January through July reached 61.51 million tons, up 0.7% from 61.05 million tons in the same period last year. The data underscores China's continued role as the world's largest soybean buyer.

Shipments from the United States are expected to keep flowing after Beijing resumed purchases late last year. In the first six months of 2025, China imported 9.31 million tons of U.S. soybeans. Buying of the new U.S. crop has also accelerated in recent weeks, as China works toward a commitment made in October to purchase 25 million metric tons of U.S. soybeans annually through 2028.

Looking ahead, Rosa Wang, an analyst at Shanghai JC Intelligence Co., said crushing plants are likely to ramp up operations as large volumes of imported soybeans arrive. "We expect August arrivals to exceed 10 million metric tons," she noted, adding that soybean meal inventories are set to enter a stock-building phase.