Nation's soybean imports slump in August

Soybean imports by China fell by 25 percent in August to the lowest level in six months after a drought in the US sparked a record rally in Chicago, increasing costs for the world's biggest buyer and user. Shipments were 4.42 million metric tons, from July's 5.87 million tons, and were the least since February, according to the General Administration of Customs on Monday.

Last month's imports were also lower than 4.51 million tons a year earlier. Imports rose 17 percent to 39.3 million tons in the first eight months compared with the year-earlier period, according to Customs.

Soybeans rallied to a record on Sept 4 after the drought cut output in the US. Reduced purchases by China, which accounts for about 60 percent of the globally traded volume, may restrain the rally, said Cao Yanhui, director of research at Guoxin Futures Co.