China’s Qingdao city customs uncovered soybean smuggling worth 5.46 billion yuan (S$1.18 billion) last year, in one of the biggest such cases in the country in years, a state-run newspaper reported. The official Legal Daily, in a report published on Monday [2 March 2015], said a trading company was suspected of smuggling soybeans after customs officials assessed soy prices for potential risk, but it did not name the company involved…Full Article: The Strait Times Mar 2015

Key Point

  • Chinese law enforcement authorities also arrested smugglers in Linyi, Dalian and Shenzhen.

ChinaAg Comments

  • Also in 2014, Chinese customs seized more than 210,000 MTs of smuggled rice valued at approximately US$205 million).
  • In February 2014, Chinese soybean crushers were losing US$80 for every metric ton of soybean oil produced. By July 2014, this margin reversed itself with a US$10 per MT profit for crushers.
  • In 2013, China imported more than US$38 billion worth of soybeans (~50% from Brazil and ~33% from the United States.
  • Within China, soybeans are typically processed into soybean meal for animal feed and cooking oil for human consumption.
  • February and October are generally when soybean imports hit their lowest by volume in China, with peaks typically occurring from June to July.

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