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China's Imports of Brazilian Soybeans Rebound in August; Imports of U.S. Beans Drop Off

China imported 12.14 million metric tons of soybeans in August, according to Chinese customs data, of which 10.6 mmt (87%) came from Brazil. The number 2 and 3 sources were also in South America: China imported 887,300 metric tons from Argentina and 292,000 metric tons from Uruguay. Imports from the United States slowed to just 200,500 metric tons in August. Russia supplied 124,200 metric tons, and smaller amounts came from Canada, Ukraine, Ethiopia and Benin. 

Cumulative imports of soybeans total 73.8 mmt of soybeans for the first 8 months of 2026, up slightly from 73.3 mmt during the same period in 2025. Imports from the U.S. are down 6.2 mmt year-over-year, while imports from Brazil are up 2.4 mmt, imports from Argentina are up 3.4 mmt, imports from Canada are up 670,000 metric tons, and imports from Russia are up 520,000 metric tons. 


The cumulative arrivals of 10.6 mmt from the U.S. for January-August are slightly less than the 11.1 mmt exported from the U.S. January-July (according to USDA's GATS database). The drop in arrivals of U.S. soybeans from 1.1 million metric tons in July to 200,500 metric tons in August indicates a more drastic slowdown than USDA's reported exports to China of 1 mmt in May, 473,592 metric tons in June, and 320,000 metric tons in July. 

All of the U.S. soybeans arriving in China were imported by companies registered in Beijing--an indicator that buyers are state-owned companies. Beijing companies also bought most of the Argentine soybeans arriving in August, but Beijing-registered companies did not buy any Brazilian soybeans. 

As Brazilian soybean supplies shrink six months after the harvest, foreign buyers have to compete with Brazilian buyers, driving up the price. The price premium for U.S. soybeans over Brazilian soybeans disappeared in June, according to U.S. Gulf fob and Brazil Paranaguá fob quotes. 


A comparison of unit values of Brazilian and U.S. soybean imports arriving in China is consistent with the vanishing of the U.S. price premium. The unit value of U.S. beans (dollars per metric ton) exceeded the unit value of Brazilian beans by $30 per metric ton in May--the peak premium. The premium shrank to $10 in July and shrank to a near-negligible $3 per metric ton in August (less than 1% difference). Given the lag between exports and arrival in China, the negligible premium during August is consistent with the vanishing fob premium in June. Despite the closing of the price gap, Chinese buyers still have to pay an extra 10% tariff on U.S. soybeans that discourages their purchase.


It was about this time last year--the winding down of Brazil's export season when beans become scarce--that Chinese social media erupted with accusations of Brazilian price-gouging of Chinese soybean buyers.

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