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Arrivals of Brazilian soybeans in China Spike; U.S. Beans Arrive at Premium Prices

China imported 13.55 million metric tons of soybeans in June 2026. It was the second-largest monthly total ever, reflecting the peak shipping month for Brazilian soybeans two months earlier and the arrival of beans that had been delayed by stringent inspections earlier in the year. Imports of U.S. soybeans during June reflect the arrival of beans purchased in fulfillment of China's purchase commitment made at last October's summit. China paid a $20-per-ton premium for U.S. soybeans versus Brazilian beans during June.

China customs data.

Imports from Brazil totaled 12.08 mmt during June and imports from the U.S. totaled 1.27 mmt, while Canada supplied 33,604 metric tons, Russia supplied 63,734 metric tons, Ukraine supplied 5,357 metric tons, and smaller quantities came from Benin and Ethiopia. 

China has imported a cumulative 34.75 mmt of soybeans from Brazil in the first 6 months of 2026, up from 31.86 mmt a year earlier. Cumulative imports from the U.S. are 9.31 mmt versus 16.17 mmt a year earlier. 

A comparison of Brazilian and Chinese customs data since the beginning of Brazil's post-harvest shipping season shows that arrivals of Brazilian soybeans in China tend to lag Brazilian shipments to China by about 2 months. June's 12 mmt of Brazilian soybeans roughly corresponds to the April peak in Brazilian shipments of 11.5 mmt. The correspondence is not exact since the time for shipment and customs clearance is not exactly 2 months. Some shipments were delayed back in March, when Brazilian inspectors held up vessels bound for China due to demands from Chinese officials to reduce foreign material in Brazilian shipments, a problem that was suddenly resolved late that month. The slight dropoff in Brazilian shipments in May and June suggests arrivals from Brazil will slow to 10-to-10.5 mmt monthly during July and August. 

Brazilian and Chinese customs data.

Arrivals of U.S. soybeans reflect the ongoing shipment of the 12-mmt of Chinese purchases pledged at last October's China-U.S. summit. Tracking shows that cumulative export sales and shipments of soybeans to China from the U.S. now exceed 12 mmt for the 2025/26 marketing year. So far, 9.3 mmt of U.S. soybeans have arrived in China, so another 2.9 mmt can be expected to arrive in the next 2 months. All of the soybeans imported by China from the U.S. have been imported by Beijing-based companies. 

USDA and China customs data.

As of mid-July USDA export sales reports indicate that 2.26 mmt of U.S. soybeans have been sold to China for delivery in the 2026/27 marketing year. 

U.S. soybeans were at a discount to Brazilian soybeans in 2025 until China's purchase commitment drove up the price of U.S. soybeans. The average value of U.S. soybeans imported by China since they began arriving in February has exceeded the average value of Brazilian soybeans by a margin that rose from $3 per metric ton in February to a peak of $30 in May. The premium declined to $20 in June. The percentage premium rose from 2% to 6.5% between February and May, then narrowed to 4.2% in June. The weighted average premium for those 5 months was $12 per metric ton or 4.5%. The dynamics of the premium roughly correspond to the spread between U.S. Gulf and Brazil Paranaguá prices between January and May. China has spent over $4.5 billion on imported U.S. soybeans in 2026.


Prices from International Grains Council web site.


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