Soybean crush margins in China have turned negative for the first time since early August, pressured by lower demand for the soymeal they churn out following an outbreak of African swine fever and high domestic bean inventories. Crushers in the country’s eastern province of Shandong, the hub for soybean processing, are making a loss of 29 yuan ($4.18) a ton compared with a profit of 60 yuan earlier this week, according to data provided by Shanghai JC Intelligence. Processing margins soared to 315 yuan a ton in September, the highest since December 2016 as buyers snapped up supplies of soymeal on fears of shortages amid the Washington-Beijing trade war. China’s imports of soybeans are set to drop further as African swine fever saps demand for the animal feed ingredient, making it easier for buyers to keep shunning U.S. cargoes amid the trade war.
Source:Arrow
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