Brazil supplies 76.5% of China’s soybeans through September as US cargoes return

China imported 11.88 million tonnes of soybeans in September 2026, down 7.7% from a year earlier and 2.1% from August, according to customs data reported by China Grain Net on October 21. Brazil supplied 10.70 million tonnes, 2.4% less than 10.96 million a year earlier.

The United States shipped 360,000 tonnes in the month, against zero in September 2025. According to the report, these are cargoes bought under last year’s China–US trade agreement that are now reaching Chinese ports. Between May and September 2025, Chinese buyers avoided US soybeans because of the tariff war.

From January to September, China imported 86.08 million tonnes (−0.1%). Brazil accounted for 65.84 million (76.5% of the total, +3.4%) and the US for 11.06 million (12.8%, −34%). According to Boyar, September imports were worth US$5.915 billion at an average import price (all origins) of US$497.9 per tonne, 11.38% higher than a year earlier.

CSP take: Brazil keeps the lead, but the return of US purchases is the number to watch in Q4, when the US crop usually dominates shipments. Traders and exporters should price early-2027 delivery contracts with that competition in mind. This reading is ours, not the sources’.