Chinese processors will rely on South American and Chinese soybeans

American exporters. Soybeans from the US are currently subject to a 23% tariff, making them uncompetitive compared to soybeans from South American countries. In May 2025, China set a record for soybean imports – 13.9 million tons, driven by 12.1 million tons from Brazil. The large volume of Brazilian soybean imports in May was partly due to delays in the harvest and the arrival of export shipments at Brazilian ports. Brazilian soybean shipments to China exceeded 10 million tons per month from June to August. In recent weeks, as Brazilian soybean supplies began to dwindle and prices rose, China contracted additional shipments from Argentina and Uruguay to compensate for the lack of its usual seasonal soybean purchases from the United States. Market participants estimate that these recent contracts and the large commercial stockpiles that accumulated over the summer will ensure sufficient soybean supplies until mid-December. Market participants believe that the United States and ...