Soybean Importers 10-7-25

In 2025, China remains a dominant soybean importer, driven by strong demand for protein meals in the feed sector, with significant imports from Brazil, Argentina, and Uruguay. Other importing countries likely include Mexico, Japan, and Southeast Asian nations, reflecting the global need for soybeans and protein meal in animal feed. The import market is dynamic, shaped by trade tensions, with China reducing its reliance on U.S. soybeans due to tariffs and potentially diversifying its supply chain to other regions.  

Key Importing Countries

China: Continues to be the world's largest soybean importer, with imports hitting record highs in recent months, though with a growing pivot away from U.S. suppliers due to trade tariffs. 

Brazil: A major supplier to China and a dominant exporter in the global soybean market. 

Argentina & Uruguay: These Latin American countries have seen increased demand from China and are important sources of soybeans for the Chinese market. 

Other Emerging Markets: The U.S. soybean industry is focusing on diversifying beyond China and targeting markets in Southeast Asia, Africa, and Europe to absorb excess supply, suggesting these regions are also significant importers. 

Japan, Mexico and Thailand: These countries were among the top importers in the past and are likely to remain significant markets, though specific 2025 data is less detailed. 

Market Dynamics

• Trade Tensions: The ongoing trade dispute between the U.S. and China has significantly impacted soybean trade, with China increasing purchases from South America to offset the impact of U.S. tariffs. 
• Increased Feed Demand: The demand for protein meals in China's feed sector is a primary driver of soybean imports, sustaining import volumes even amidst trade shifts. 
• Diversification: U.S. exporters are actively pursuing strategies to diversify their markets to reduce reliance on China, a move that will redistribute global soybean trade flows. 
• Record Global Stocks: Projections indicate record-high global soybean ending stocks, suggesting ample supply for importing countries. 

Several countries are importing soybeans in 2025. India is the largest importer by both value and volume. China, historically the dominant importer, has reduced its purchases of US soybeans since May 2025 due to trade tensions and tariffs. 

Here is a list of the top importing countries based on value (2024-2025 data):

Rank	Country	Imports (US$ m)
1	India	5,679.4
2	Canada	591.3
3	Poland	371.6
4	Korea	359.1
5	Pakistan	343.8
6	Spain	279.2
7	China	266.8
8	Chile	257.2
9	Zimbabwe	230.4
10	UK	204.0

Data from GTAIC. 

Key Importing Trends

• China's Shift: China is diversifying its soybean sources, increasingly relying on Brazil, Argentina, and Uruguay instead of the United States.
• India's Growth: India's imports have shown significant growth, making it a key focus for exporters.
• European Union: The EU is a major importer, particularly for soybean meal, primarily sourcing from Brazil and Argentina. The EU is also exploring restrictions on US soybean imports due to pesticide regulations.
• Fastest Growing Markets (by Value): Lithuania, Saudi Arabia, Pakistan, Romania, and Latvia showed the fastest growth in soybean imports. 

https://www.google.com/search?q=what+countries+import+soybeans+in+2025

The current price for US soybeans is approximately $10.26 per bushel,

The US market year average (MYA) soybean price was approximately $15.16 per bushel in 2021, $14.33 in 2022, and fell to ~$13.76 in 2023, with projections showing a further decline to around $11.55 in 2024 and roughly $10.80 for 2025. 

The price of imported soybeans in China per bushel was as follows, based on available data: 

• 2023: $16.27 per bushel (calculated from IndexBox data of $59.7 billion for 99 million tons)
• 2024: $14.36 per bushel (calculated from China Customs data of $52.75 billion for 105 million metric tons)
• Early 2025 (Forecast/Spot price): Approximately $10.00 to $12.50 per bushel. Recent reports indicate the spot price in China has dropped significantly. 

https://www.google.com/search?q=china%27s+price+of+soybeans+per+bushel+in+usd+by+year+2021+to+2025&sca_esv=

In 2025, various livestock species eat soybean meal, including poultry (chickens, turkeys, laying hens), swine (pigs), cattle (beef and dairy), and farm-raised fish and shrimp.

https://www.google.com/search?q=what+livestock+eats+soybean+meal+in+2025

Comments

Trump has suggested bailing out US Soybean Growers in 2025. This is a “demand v supply” problem.

Trump may find customers in Europe and elsewhere in 2026 if the US solves its pesticide problem and prices stabilize by increasing demand and lowering supply.

Norb Leahy, Dunwoody GA Tea Party Leader