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Chinese Soy Imports Drop Sharply in January

soybeans1Chinese imports of soybeans dropped sharply last month. Pro Farmer’s First Thing Today reports China imported 5.66 million metric tons of soybeans in January, a 38 percent drop from December and a 17 percent decline from the year prior, according to official customs data. The nation’s soybean buys are expected to decline further during February due to China’s Lunar New Year festivities and shipping delays in Brazil, with some projecting February soybean imports of just four million metric tons. The country’s total exports fell 11.2 percent from the year prior in January, while its imports dropped 18 percent, widening its trade surplus to $63.29 billion versus expectations for a $58.85 billion trade surplus.

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