China, the world’s largest soybean consumer, set a second straight monthly import record in July, Reuters reported, citing customs data calculations.
China brought in 11.67 million tonnes of soybeans in July, data from the General Administration of Customs showed, up 18.5% from 9.85 million tonnes a year earlier, and above analysts’ expectations of 10.48 million tonnes.
Wan Chengzhi, an analyst at Capital Jingdu Futures, told Reuters that Brazil’s abundant soybean production has set a strong foundation for supplies.
“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,” Wan said.
In June, China imported 12.26 million tonnes of soybeans, which was up 10% from 11 million tonnes during the same month in 2024.
China is projected to import 112 million tonnes in the 2025-26 marketing year, which would tie the record set two years ago, according to the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
The FAS noted that China is also projected to set a soybean production record of 21 million tonnes, but consumption is also set to reach a record-high of 133 million tonnes, surpassing the previous mark of 126.9 million set last year.
Brazil’s soybean production in 2025-26 is projected to reach 176 million tonnes, nearly 2% higher than the previous year. This increase is mainly driven by the expansion of soybean planted area, which is supported by high global demand, the FAS noted.
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.