Chinese importers have booked around 7.4 million metric tons of mainly South American soybeans for October shipment, covering 95% of China's projected demand for the month and 1 million tons for November, or about 15% of expected imports, according to two Asia-based traders. By this time last year, Chinese buyers had booked around 12 million to 13 million tons of U.S. soybeans for September-November shipment, said one of the traders, who is based in Singapore at an international trading company.
The U.S. normally ships most of its soybeans to China between September and January, before Brazil's harvest hits the market, but Chinese buyers have yet to book any U.S. cargoes for the new crop year, according to traders tracking shipments. In 2024, China bought roughly 20% of its soybeans from the U.S., down from 41% in 2016, the customs data shows. From January-July 2025, China imported 42.26 million tons from Brazil, while shipments from the U.S. totalled 16.57 million tons. "If you look at the way things are, we think it is going to be South American beans through the end of the year," the Singapore trader said.
