China sharply increased soybean imports in March and expects significant soybean shipments from Brazil in April and May

According to Oil World, in March, China imported 4.59 million tons of 7 major oilseeds (4.09 million tons in March 2025), of which 4.02 (3.5) million tons were soybeans.

During October-March 2025/26 MY, China increased soybean imports compared to the previous season from 40.3 to 42.2 million tons, in particular from Brazil - from 17 to 26.6 million tons, Argentina - from 2 to 8.7 million tons, Canada - from 0.9 to 1.4 million tons, the Russian Federation - from 0.2 to 0.4 million tons, but reduced supplies from the USA from 19.2 to 3.3 million tons.

At the same time, imports of rapeseed and canola during the specified period decreased compared to the previous season from 3.05 to 0.5 million tons, which became a multi-year minimum.

At the same time, flax imports reached a record 870 thousand tons, of which 554 thousand tons were delivered from the Russian Federation, 292 thousand tons from Kazakhstan, and 24 thousand tons from Canada. Linseed oil imports also decreased, while its exports from the PRC amounted to only 1 thousand tons for the entire season.

China is expected to sharply increase soybean imports in April as new crop soybeans from Brazil begin arriving at ports.

Brazil exported 2.3 million tons of soybeans in January, 9.5 million tons in February, and 15.8 million tons in March. According to the ANEC forecast, soybean exports will reach 16.4 million tons in April (13.5 million tons in April 2025).

Brazil is completing its soybean harvest, with a record 178-179 million tons (173 million tons in 2025), which will continue to increase global supply and saturate the Chinese market.

Brazilian soybean prices have stabilized at $420-430/t FOB after a March increase, despite increased supply and port queues. Chicago soybean prices remain at $425/t, limiting price growth, and further price trends will depend on oil prices and soybean plantings in the US.