# Commodities 2023: China's soybean imports to recover on improved margins, restocking needs

> S&P Global's survey of market participants forecasts China's 2023 soybean imports will rise 8.3% to 98 million tonnes. Drivers include improved crush margins, higher animal feed demand and restocking of state reserves of up to 7 million tonnes. COVID-19 policy remains a source of uncertainty.

- Date: 2022-12-23 · published 2022-12-23T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/14881-commodities-2023-china-s-soybean-imports-to-recover-on-improved-margins
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Stronger Chinese soybean imports would support global soybean demand and prices. Higher feed demand also supports soybean meal consumption.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-01-14 | [China's 2020 soybean imports climb 13% to record as pig sector demand recovers - Markets - Business Recorder](https://feedsoft.ai/events/49142-china-s-2020-soybean-imports-climb-13-to-record-as-pig-sector-demand-recovers.md) | -2.9% | -3.1% |
| SOY | 2020-12-22 | [Commodities 2021: US soybean prices likely to rise on high exports, tight stocks \| S&P Global](https://feedsoft.ai/events/49680-commodities-2021-us-soybean-prices-likely-to-rise-on-high-exports-tight-stocks.md) | +4.2% | +10.2% |
| SOY | 2025-12-08 | [China Set for Record 2025 Soybean Imports on Brazil Buys, U.S. Trade Truce](https://feedsoft.ai/events/21532-china-set-for-record-2025-soybean-imports-on-brazil-buys-u-s-trade-truce.md) | -2.6% | -5.7% |
| SOY | 2024-09-10 | [China Aug soybean imports at record 12.14mn tons](https://feedsoft.ai/events/14717-china-aug-soybean-imports-at-record-12-14mn-tons.md) | +0.5% | +3.4% |
| SOY | 2020-11-07 | [China's Oct soybean imports jump 41% on year on swine fever recovery \| S&P Global](https://feedsoft.ai/events/50147-china-s-oct-soybean-imports-jump-41-on-year-on-swine-fever-recovery-s-and-p.md) | +3.9% | +5.5% |
| SBM | 2021-01-14 | [China's 2020 soybean imports climb 13% to record as pig sector demand recovers - Markets - Business Recorder](https://feedsoft.ai/events/49142-china-s-2020-soybean-imports-climb-13-to-record-as-pig-sector-demand-recovers.md) | -3.0% | -5.9% |
| SBM | 2020-11-07 | [China's Oct soybean imports jump 41% on year on swine fever recovery \| S&P Global](https://feedsoft.ai/events/50147-china-s-oct-soybean-imports-jump-41-on-year-on-swine-fever-recovery-s-and-p.md) | +1.5% | +1.1% |
| SBM | 2024-07-03 | [China poised for record July soybean imports on low prices](https://feedsoft.ai/events/14735-china-poised-for-record-july-soybean-imports-on-low-prices.md) | +1.3% | -3.9% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/122322-chinas-soybean-imports-to-recover-in-2023-on-improved-margins-restocking-needs

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.