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China's Imports of Brazilian Soybeans Declined in July as Prices Rose

China's July 2026 soybean imports totaled 11.48 million metric tons (mmt), down modestly from 11.66 mmt a year earlier. So far China has imported 61.63 mmt for the calendar year, slightly ahead of 61.05 mmt a year ago. 

China customs data.

Brazil was the top supplier of China's July soybean imports, with 9.78 mmt. That was down from 10.39 mmt in July last year. Imports from the United States totaled 1.11 mmt, up from 421,000 mt a year ago. USDA export sales data indicate China has bought about 12.5 mmt of U.S. soybeans in 2025--surpassing the amount promised at the Busan South Korea summit. From January to June 10.4 mmt of U.S. soybeans have arrived in China--that suggests there are still about 2 mmt of U.S. soybeans purchased by China this year that have yet to clear customs in China. Argentina returned as a supplier in July with 485,752 mt arriving in China. Other sources of China's July soybean imports included Uruguay (198,000 mt), Canada (52,000 mt), Ukraine (6,288 mt), Ethiopia (1980 mt), and Benin (4074 mt). 


It looks like China's imports of Brazilian soybeans have peaked. Arrivals of Brazilian soybeans in China peaked in June at 12.08 mmt, but dropped abruptly in July to 9.78 mmt. This corresponds to the April peak in Brazil's shipments to China at 11.52 mmt followed by 3 months of gradual decline to 9.4 mmt in July. 

China and Brazilian customs data.

China has been paying a premium for U.S. soybeans, but that premium shrank in July. The average unit value of soybeans arriving from the U.S. exceeded the average unit value of soybeans arriving from Brazil by $30 in May, $20 in June, and $10 in July. The narrowing of the spread reflects mainly an increase in the cost of Brazilian soybeans between May and July. 

The rise in cost of Brazilian soybeans is consistent with Brazilian export quotes which peaked last December, plunged to a low point during February after the harvest of the new crop in Brazil, peaked in May, and began rising rapidly in July as the shrinking supply from this year's harvest began to heat up. It was last September that complaints surfaced on Chinese social media accusing Brazilians of price gouging Chinese soybean buyers. Data indicate that Chinese buyers are paying more for Brazilian soybeans this year than they were last year at this time. 

Brazil CEPEA daily export prices.



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