Data released by China Customs on Monday showed that China's soybean imports reached 12.26 million tons in June 2025, up 10.35% year-on-year, setting a record high for the same period in history, mainly benefiting from strong exports from Brazil to China.
Data showed that China imported a total of 49.37 million tons of soybeans from January to June this year, up 1.8% year-on-year.
Brazilian supply dominates the market, and Sino-US trade relations affect the purchasing pattern
Data from shipping data provider Kappler showed that China imported 9.73 million tons of soybeans from Brazil in June, while imports from the United States were only 724,000 tons. This significant difference reflects that Chinese buyers prefer Brazilian soybeans amid Sino-US trade tensions. The high crushing profits brought by the high spot price of soybean meal also prompted oil mills to increase purchases.
Oversupply caused the price of Argentine soybean meal to fall to a 15-year low
Data from the Buenos Aires Grain Exchange showed that Argentina's soybean planting area reached 18.4 million hectares in 2024/25, up 6.4% year-on-year, 10% higher than the average of the past five years. But against this backdrop, soybean meal, Argentina’s main export, faces continued low prices in 2025, despite positive signs of global demand.
A report by the Rosario Grain Exchange (BCR) said that by the end of June, the FOB price of soybean meal in Argentina had fallen to $281 per tonne, the lowest level in more than 15 years.
The sharp drop in soybean meal prices is due to the fact that the biofuel policy has boosted the demand for vegetable oils (especially soybean oil), which has pushed up soybean oil prices (up more than 30% so far this year), but also led to an increase in soybean crushing. This has brought a large supply of soybean meal, while global consumption has not kept up at the same pace. The oversupply of soybean meal has put downward pressure on soybean meal prices, both in the United States and in international trade.
In Argentina, soybean meal accounts for 13.4% of the country’s total exports, and the entire soybean complex accounts for 27.6%. This year, Argentina’s soybean meal exports are expected to reach $9.044 billion, higher than last year, but still far below historical records.
Future Outlook: Arrivals in the third quarter remain high, and purchases in the fourth quarter are uncertain
Traders and analysts estimate that China's soybean arrivals in July are expected to be 10.48 million tons, slightly higher than 9.85 million tons in the same period last year. However, China has not yet purchased U.S. soybeans for the fourth quarter, and future purchasing decisions may depend on the progress of Sino-U.S. trade negotiations.
Data showed that China imported a total of 49.37 million tons of soybeans from January to June this year, up 1.8% year-on-year.
Brazilian supply dominates the market, and Sino-US trade relations affect the purchasing pattern
Data from shipping data provider Kappler showed that China imported 9.73 million tons of soybeans from Brazil in June, while imports from the United States were only 724,000 tons. This significant difference reflects that Chinese buyers prefer Brazilian soybeans amid Sino-US trade tensions. The high crushing profits brought by the high spot price of soybean meal also prompted oil mills to increase purchases.
Oversupply caused the price of Argentine soybean meal to fall to a 15-year low
Data from the Buenos Aires Grain Exchange showed that Argentina's soybean planting area reached 18.4 million hectares in 2024/25, up 6.4% year-on-year, 10% higher than the average of the past five years. But against this backdrop, soybean meal, Argentina’s main export, faces continued low prices in 2025, despite positive signs of global demand.
A report by the Rosario Grain Exchange (BCR) said that by the end of June, the FOB price of soybean meal in Argentina had fallen to $281 per tonne, the lowest level in more than 15 years.
The sharp drop in soybean meal prices is due to the fact that the biofuel policy has boosted the demand for vegetable oils (especially soybean oil), which has pushed up soybean oil prices (up more than 30% so far this year), but also led to an increase in soybean crushing. This has brought a large supply of soybean meal, while global consumption has not kept up at the same pace. The oversupply of soybean meal has put downward pressure on soybean meal prices, both in the United States and in international trade.
In Argentina, soybean meal accounts for 13.4% of the country’s total exports, and the entire soybean complex accounts for 27.6%. This year, Argentina’s soybean meal exports are expected to reach $9.044 billion, higher than last year, but still far below historical records.
Future Outlook: Arrivals in the third quarter remain high, and purchases in the fourth quarter are uncertain
Traders and analysts estimate that China's soybean arrivals in July are expected to be 10.48 million tons, slightly higher than 9.85 million tons in the same period last year. However, China has not yet purchased U.S. soybeans for the fourth quarter, and future purchasing decisions may depend on the progress of Sino-U.S. trade negotiations.