China's Jan-Feb soybean imports from US slump; Brazilian shipments surge

By Ella Cao and Lewis Jackson

BEIJING, March 20 (Reuters) - China's soybean imports from the U.S. plunged in the first two months of 2026 from a year earlier as most shipments, following a late October trade truce, have yet to arrive.

The world's largest soybean importer brought in 1.49 million metric tons of the oilseed from the U.S. in January and February, down 83.7% from 9.13 million tons a year earlier.

Trade tensions had delayed Chinese purchases of the U.S. autumn soybean harvest until late October; state buyers have taken around 12 million metric tons of U.S. soybeans since then.

Traders are looking ahead to an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping to provide more clarity on China's future demand for American soybeans. On Thursday, Trump said his trip to Beijing had been delayed by about a month and a half.

Soybean imports from Brazil rose 82.7% from a year earlier to 6.56 million metric tons in January and February, as private buyers, who avoided U.S. soybeans due to high tariffs, increased purchases of Brazilian supplies.

However, traders are concerned that Brazil's tighter phytosanitary checks and China's prolonged customs clearance could slow the pace of arrivals in the coming months.

Brazilian Agriculture Minister Carlos Favaro said on Tuesday that the government will negotiate soybean inspection and safety requirements for Brazilian shipments to China.

Imports from Argentina in January and February shot up to 3.27 million metric tons from 111,603 tons a year earlier.

This surge was partly driven by a buying frenzy in September after Buenos Aires scrapped export taxes.

"Argentina's temporary suspension of export taxes in September led to a surge in soybean purchases by China, with the shipments gradually arriving at ports in recent months and lifting imports," said Rosa Wang, an analyst at Shanghai-based agro-consultancy JCI.