# Weak crush margins likely to keep China's soybean demand low until May: sources | S&P Global

> China's soybean demand is expected to stay weak until May, according to market sources, as almost all crushing plants run below capacity amid negative or weak crush margins. Crushers have cut purchases as soymeal demand for animal feed fell after Lunar New Year. China accounts for over 60% of oilseed purchases from the US and Brazil.

- Date: 2021-03-24 · published 2021-03-24T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/48203-weak-crush-margins-likely-to-keep-china-s-soybean-demand-low-until-may-sources
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A prolonged drop in Chinese crush and purchases removes a major source of import demand, which is bearish for US and Brazilian soybeans and soymeal.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-04-05 | [China's soybean demand likely to remain soft until May amid poor crush margins](https://feedsoft.ai/events/36386-china-s-soybean-demand-likely-to-remain-soft-until-may-amid-poor-crush-margins.md) | -0.9% | -4.6% |
| SOY | 2022-08-08 | [China's July Soybean Imports Slide Amid Poor Crush Margins, Weaker Demand \| Checkout](https://feedsoft.ai/events/14910-china-s-july-soybean-imports-slide-amid-poor-crush-margins-weaker-demand.md) | +3.4% | -6.5% |
| SOY | 2026-02-19 | [ANALYSIS: Tariff gap likely to keep China's soybean imports anchored to Brazil \| S&P Global](https://feedsoft.ai/events/14599-analysis-tariff-gap-likely-to-keep-china-s-soybean-imports-anchored-to-brazil-s.md) | +1.3% | +2.5% |
| SOY | 2021-07-13 | [Global Soybean Trade Slows on Weaker China Demand \| Feed & Grain](https://feedsoft.ai/events/46110-global-soybean-trade-slows-on-weaker-china-demand-feed-and-grain.md) | -0.3% | +0.1% |
| SOY | 2018-08-20 | [China’s soybean crush margin weakens - McKeany-Flavell](https://feedsoft.ai/events/63602-china-s-soybean-crush-margin-weakens-mckeany-flavell.md) | -4.5% | -6.6% |
| SBM | 2023-04-05 | [China's soybean demand likely to remain soft until May amid poor crush margins](https://feedsoft.ai/events/36386-china-s-soybean-demand-likely-to-remain-soft-until-may-amid-poor-crush-margins.md) | +0.2% | -6.0% |
| SBM | 2022-08-08 | [China's July Soybean Imports Slide Amid Poor Crush Margins, Weaker Demand \| Checkout](https://feedsoft.ai/events/14910-china-s-july-soybean-imports-slide-amid-poor-crush-margins-weaker-demand.md) | +3.3% | -9.4% |
| SBM | 2021-07-13 | [Global Soybean Trade Slows on Weaker China Demand \| Feed & Grain](https://feedsoft.ai/events/46110-global-soybean-trade-slows-on-weaker-china-demand-feed-and-grain.md) | +1.2% | +1.2% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/032421-weak-crush-margins-likely-to-keep-chinas-soybean-demand-low-until-may-sources

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