China Sharply Increased Soybean Imports in March, with Large Brazilian Shipments Expected in April and May

According to Oil World, China imported 4.59 million tonnes of the seven main oilseeds in March, against 4.09 million tonnes in March 2025, of which 4.02 million tonnes was soybeans, up from 3.5 million tonnes previously.

Over the October to March period of the 2025/26 marketing season, China increased its soybean imports against the previous season from 40.3 to 42.2 million tonnes. Supply from Brazil rose from 17 to 26.6 million tonnes, from Argentina from 2 to 8.7 million tonnes, from Canada from 0.9 to 1.4 million tonnes and from the Russian Federation from 0.2 to 0.4 million tonnes, while shipments from the United States were cut from 19.2 to 3.3 million tonnes.

Over the same period, rapeseed and canola imports fell against the previous season from 3.05 to 0.5 million tonnes, the lowest level in several years.

Flaxseed imports, meanwhile, reached a record 870,000 tonnes, of which 554,000 tonnes was delivered from the Russian Federation, 292,000 tonnes from Kazakhstan and 24,000 tonnes from Canada. Linseed oil imports also fell, while China's exports of it amounted to just 1,000 tonnes across the whole season.

China is expected to increase its soybean imports sharply in April as the new Brazilian soybean crop begins arriving at ports.

Brazil exported 2.3 million tonnes of soybeans in January, 9.5 million tonnes in February and 15.8 million tonnes in March. According to forecasts from Brazil's National Grain Exporters Association (ANEC), soybean exports will reach 16.4 million tonnes in April, against 13.5 million tonnes in April 2025.

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

Brazilian soybean prices settled at $420-430 per tonne FOB after an increase in March, despite rising supply and port queues. Chicago soybean prices remain at $425 per tonne, capping price growth, and future price direction will depend on oil prices and US soybean planting.

Source: Grain Trade