China’s soybean imports from Brazil experienced a remarkable 211% surge in the initial two months of 2024 compared to the same period last year. The strong harvest and competitive pricing in Brazil have propelled the significant increase, overshadowing the market share of the United States. With China importing 6.96 million metric tons of soybeans from Brazil and reducing imports from the U.S. to 4.96 million tons, Brazilian beans’ affordability on the global market has solidified its dominance in Chinese imports. Despite challenges like poor crushing margins and reduced ship arrivals during holidays, Brazil’s market share stands at 53%, while the U.S. holds 38%.
China’s Soybean Imports from Brazil Soar by 211% in First Two Months of 2024