U.S. Soybeans: 1% Market Share in China so far in 2018/19

China continued to import minimal volumes of U.S. soybeans during January 2019, while increased imports of Brazilian, Canadian and Argentine soybeans filled most of the vacuum. Chinese customs data show that China imported 7.38 million metric tons (mmt) of soybeans during January 2019, 1.1 mmt less than in January 2018.

• China imported 25 mmt of soybeans in the first four months of the 2018/19 marketing year (October 2018-January 2019), of which 20.9 mmt were imported from Brazil and 2.2 mmt were from Canada. The United States supplied just 272,035 mt--a whopping 1-percent market share. 
• During January, China imported only 135,777 metric tons (mt) of U.S. soybeans--about two Panamax cargoes--compared with 5,814,257 mt a year ago. 
• Brazil was again the top supplier in January, with 4.9 mmt. Imports from Brazil were up 2.86 mmt from a year earlier. 
• Imports from Canada jumped to their highest-ever monthly total of 1.23 mmt, 957,000 mt more than a year earlier. 
• Imports from Argentina rebounded to 985,247 mt, about 900,000 mt more than a year earlier.
• Imports from Russia, Uruguay and other minor suppliers were down from a year ago.
• China's "Central Document No. 1" on rural policy priorities released last week called for diversifying sources of agricultural imports. 

China soybean imports, January 2018-19
From	2018	2019	y-o-y  change
	Metric tons
Total	8,477,916	7,376,976	-1,100,940
United States	5,814,257	135,772	-5,678,485
Brazil	2,073,705	4,933,786	2,860,081
Canada	276,612	1,233,682	957,070
Kazakhstan	2,644	798	-1,846
Ethiopia	2,794	0	-2,794
Russia	123,070	87,691	-35,379
Ukraine	570	0	-570
Argentina	89,150	985,247	896,097
Uruguay	95,114	0	-95,114

Chinese importers are now paying higher prices to buy mass quantities of Brazilian soybeans. The unit value of Brazilian soybeans averaged $453/mt in January 2019 and $450/mt in December 2018, up from a low of $427 in September. The average unit value of China's soybean imports a year earlier in January 2018 was $421/mt.