August 12, 2025

 

China's July soybean imports reach all-time high as Brazil boosts supply 

 

 

China, the world's largest soybean consumer, set a second consecutive monthly import record in July, driven by abundant supplies from Brazil and sustained domestic demand.

 

According to customs data compiled by Reuters, China imported 11.67 million tonnes of soybeans in July, up 18.5% from 9.85 million tonnes a year earlier and well above analysts' forecasts of 10.48 million tonnes.

 

The record follows June's high intake of 12.26 million tonnes, a 10% year-on-year increase. Analysts say the surge is underpinned by Brazil's bumper harvest, which has extended its peak export season.

 

"Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter," said Wan Chengzhi, an analyst at Capital Jingdu Futures.

 

The US Department of Agriculture's Foreign Agricultural Service (FAS) projects China's soybean imports in the 2025-26 marketing year will reach 112 million tonnes, matching the record set in 2023-24.

 

Domestic production is forecast at 21 million tonnes, the highest on record, but consumption is expected to hit 133 million tonnes, surpassing last year's 126.9 million tonnes.

 

Data from the Brazilian Ministry of Development, Industry, and Trade shows that Brazil exported 16.9 million tonnes of soybeans to China during the first quarter of 2025. This was nearly 7% higher compared to the 15.8 million tonnes exported during the same period in 2024.

 

USDA data shows Brazil's 2025-26 soybean crop is projected at 176 million tonnes, about 2% higher than the previous year, supported by an expanded planted area and strong global demand.

 

Brazil's dominance in the Chinese market has been reinforced by shifting trade flows amid ongoing US–China trade tensions. Reuters data shows that by late March, Brazil had shipped 22.8 million tonnes of soybeans globally, of which 17.7 million tonnes were bound for China.

 

This growing reliance on Brazilian supply not only strengthens trade ties between the two countries but also underscores Brazil's role as a pivotal player in meeting Asia's oilseed demand.

 

-      Reuters