Data revealed on Tuesday indicates a remarkable surge of 211% in China's soybean imports from Brazil during the initial two months of 2024 in comparison to the previous year. This surge is attributed to a combination of robust harvests and competitive pricing from the South American giant, outstripping the market share of the United States. As the leading global buyer of soybeans, China imported 6.96 million metric tons of this oilseed from Brazil, a substantial increase from the 2.24 million tons acquired during the corresponding period last year.

USDA has projected 105 MMT of soybean import for marketing year 2023-24 as compared to previous year at 104.5 MMT.