Soybeans were lower on profit taking and technical selling. China’s October soybean imports were the lowest for any month since October 2014, likely due to high prices and poor domestic crush margins. China’s General Administration of Customs says the total of 4.14 million tons was down 19% on the year, with year-to-date purchases through the end of October at 73.18 million tons, 7.4% behind the 2021 pace. Beijing says it will keep zero-COVID polices in place, likely further impacting demand.
