Brazil, China and the U.S. Reshape the Global Soybean Market with Record Volumes

In short:

Brazil and China are on track to close the year with record numbers in the soybean market. From January through November, China imported 104 million metric tons of soybeans, according to official customs data, including 8.1 million tons purchased last month alone.

This record performance is closely tied to shifts in global trade driven by U.S. tariff policy. Anticipating potential restrictions at the start of Donald Trump’s new term, China accelerated soybean purchases from the United States at the end of 2024 and later redirected demand toward Brazil. By November, China had bought 82.8 million tons of Brazilian soybeans, up 16% from the same period last year, according to Anec

China’s strategy of rebuilding inventories boosted both Brazilian exports and global demand despite the ongoing trade dispute. In the United States, farmers are beginning to feel stronger competition from Brazilian soybeans as the new crop advances and prices retreat.