China's imports of Brazilian soybeans shrank to 7.1 million metric tons in October from 11 mmt in November. This was the lowest since April's 4.6 mmt. However, imports from Argentina rose to 1.57 mmt in October, supplemented by 710,000 mt from Uruguay. No U.S. soybeans were imported in October. The total import volume of 9.5 mmt during October was roughly equal to the monthly volume being crushed.
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| China customs data. |
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| China customs data. |
The cost of Brazilian soybeans has been rising. Brazil's monthly customs data for 2025 shows that the average value of soybeans shipped to China rose from a low of $384 per metric ton in April to $430 in October, a cumulative increase of 12.1%. China's customs data show that the cost of Brazilian soybeans entering China rose from $431 per metric ton in June to $464 in October, a cumulative increase of 7.7%.
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| Brazil & China customs data. |
During October the average cost of Brazilian soybeans imported to China went up 3.6% from the previous month. The fob price in Brazil's Paranagua state dropped during September, but it rose during October and November.
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| Brazil & China customs data and Brazil CEPEA. |
Despite the increase in price Brazilian beans have improved their price advantage versus U.S. soybeans. U.S. soybean export prices rose during October, and during November 2025 U.S. soybean bids at U.S. Gulf ports have been slightly higher than the fob price of Brazilian soybeans in Paranagua. Estimates of C&F costs of imported soybeans arriving in China show a clear advantage for Brazilian soybeans versus both Gulf and Pacific Northwest soybeans. The tariff on U.S. soybeans is now 13%, compared with 3% for soybeans from Brazil and other countries.
A Chinese soybean meal market analysis on Friday said that some Chinese buyers are not purchasing U.S. beans because the cost is relatively high.
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