
China's November soybean imports rose 13.4% year on year to 8.11 million tons, the highest November level since 2021. Full-year 2025 imports are on track for a record near 110 to 112 million tons, driven by Brazilian purchases and US trade truce arrivals.
Domestic crusher inventories are high, adding selling pressure.
Record Chinese imports confirm strong global soybean demand, but high crusher stocks may curb near-term buying and weigh on meal prices. Feed buyers should watch for slower purchases in early 2026.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.