China soybean imports hit June record, reshaping Brazil-U.S. competition

China soybean imports reached 13.55 million tonnes in June 2026, the highest volume ever recorded for the month, supported by Brazil’s large crop and the release of delayed cargoes at Chinese ports.

The record matters for South American agribusiness because the competition between Brazil and the United States to supply the world’s largest soybean buyer can influence international prices, export margins and commercial decisions across the regional oilseed chain.

Chinese soybean purchases rose 10.5% from June 2025 and 14.9% from May. In the first half of 2026, imports totaled 50.15 million tonnes.

Brazil was the main driver of the increase, supported by a large harvest, competitive prices and a heavy concentration of shipments during the South American export window. That combination helped the country consolidate its position as China’s dominant supplier during the period and expand its role in one of the most strategic markets for the global soybean trade.

Brazilian soybean exports to China fell 7% in the first five months of the year compared with the same period a year earlier. The chart below compares the volumes recorded in recent years:

Soybean Exports | Jan-May | 2022 – 2026 | WTMT

Source: DataLiner (click here to request a demo)

The United States, however, has also regained space. From January to May, China imported 8.38 million tonnes of U.S. soybeans after resuming purchases late last year. Buying of the new U.S. crop also increased after Beijing reaffirmed a commitment to purchase 25 million tonnes annually through 2028, pointing to stronger competition between Brazilian and U.S. suppliers in the second half of the year.

For Argentina, the impact of stronger China soybean imports is less about direct soybean sales and more about the country’s role as a major exporter of soybean meal and soybean oil. Sustained Chinese demand can support international prices, strengthen the value of soy byproducts and provide firmer conditions for Argentina’s agroindustrial complex.

The trend could also affect crushing margins, the relationship between available soybean prices and processing capacity, and export opportunities for meal and oil.

The outlook still carries risks. If Brazil maintains abundant supply and the United States accelerates sales, competition could limit a stronger price rally. At the same time, a more robust recovery in China’s livestock sector would increase demand for soybean meal and provide additional support for imports.

For Argentina’s soy chain, the key question is whether record Chinese buying will keep the global market firm or whether broad availability from Brazil and the United States will cap prices in the months ahead.

Source: adapted from AgroLatam

Sharing is caring!