China’s soybean purchases from the United States have swung sharply: U.S. exports to China were valued at $12.3 billion in 2017, reached 5.2 million metric tons in the first quarter of 2025, and then saw arrivals fall to zero from September through December 2025. As of February 26, 2026, USDA reported 10.8 million metric tons purchased or shipped toward a 12-million-metric-ton commitment. Those figures describe different measures and stages of trade—not a like-for-like annual series or proof that the commitment was fully delivered.
What the export figures show—and what they do not
The public figures available for these periods answer different questions. The 2017 benchmark is export value in dollars; the 2025 observations are physical volumes in metric tons; and the February 2026 figure combines purchases or shipments recorded toward a commitment. A sale, a shipment, an arrival, and a government-announced commitment are not interchangeable.
| Period and source | Measure | Reported U.S. soybean trade with China | How to read it |
|---|---|---|---|
| Calendar year 2017; USDA Economic Research Service, published 2019 | Export value | $12.3 billion | Value, not a tonnage figure; USDA said soybeans made up 63% of U.S. agricultural exports to China that year. |
| First quarter 2025; USDA Agricultural Marketing Service, May 29, 2025 report | Export volume | 5.2 million metric tons | 41% below first-quarter 2024 and down from 16.1 million metric tons in the previous quarter. |
| September–December 2025; USDA Foreign Agricultural Service, 2026 China report | Arrivals | Zero U.S. soybean arrivals | The report says high tariffs imposed in April curtailed trade during this period. |
| As of February 26, 2026; USDA Foreign Agricultural Service export-sales data cited in its 2026 China report | Purchases or shipments toward a commitment | 10.8 million metric tons toward 12 million metric tons | A dated progress snapshot, not a final fulfillment figure. |
The USDA figures do not provide a complete, consistently measured 2016–2025 calendar-year volume series. The benchmarks above therefore show selected points, not annual totals that can be compared directly across the whole period.
How the pattern changed from 2017 to the 2026 commitment snapshot
2017: a value baseline during heavy reliance on China
In 2017, U.S. soybean exports to China were worth $12.3 billion, accounting for 63% of U.S. agricultural exports to that market, according to USDA ERS. China represented 65% of global soybean imports that year. Brazil’s soybean exports to China were valued at $20.3 billion—nearly 88% of Brazil’s agricultural exports to China. These are trade values, not export volumes, so they cannot establish how many more or fewer tons one country sold than the other.
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The figures illustrate why a disruption in Chinese buying can matter to exporters: China was a dominant destination, and soybeans were central to both U.S. and Brazilian agricultural trade with China. They are a historical baseline, not a current snapshot of either country’s sales.
Early 2025: shipments were already lower
USDA AMS reported 5.2 million metric tons of U.S. soybean exports to China in January–March 2025. That was 41% below the volume in January–March 2024 and far below the 16.1 million metric tons reported in October–December 2024. The quarter-to-quarter comparison captures a sharp change, but it does not by itself identify how much came from tariffs, seasonal buying, prices, freight, or other factors.
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Late 2025: arrivals stopped, then purchases resumed
USDA FAS’s 2026 China report says U.S. soybean arrivals fell to zero from September through December 2025 after high tariffs imposed in April curtailed trade. The report also says purchases resumed after the October 2025 presidential meeting in Busan and a trade and economic deal that suspended certain retaliatory measures. A return to purchasing does not mean that shipments or arrivals immediately returned to earlier levels.
February 2026: progress was reported, not completion
As of February 26, 2026, USDA FAS reported 10.8 million metric tons purchased or shipped toward a 12-million-metric-ton commitment. The same report identified another 2.19 million metric tons sold to “Unknown” destinations, but said those sales were not confirmed as China-bound. They should not be added to China’s confirmed progress figure.
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The report separately describes an additional 8-million-metric-ton commitment announced in early February. It is distinct from the earlier 12-million-metric-ton commitment; the cited snapshot does not establish that the additional commitment was fulfilled. Neither commitment should be treated as a completed delivery.
Why China can switch suppliers
China’s soybean demand is linked in part to crushing beans into meal for livestock feed and oil. When U.S. beans become less competitive because of tariffs or relative prices, importers can shift orders toward Brazil or other origins. The result is a redirection of trade: the same broad Chinese demand may be served by a different exporter.
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Supplier choice depends on the delivered economics, not just the quoted price at origin. USDA AMS’s 2025 transportation report compares landed costs and transport shares, while USDA FAS’s 2026 China report says South American prices continued to favor South American origins during the period it describes, with Brazil’s new-crop prices significantly below U.S. origin prices. Tariffs, freight, timing, and the cost of moving beans to a Chinese buyer all affect competitiveness.
That competition helps explain why a commitment can matter to U.S. exporters without guaranteeing a lasting change in China’s sourcing mix. USDA FAS also reports that the Chinese government continued efforts to diversify import origins. Brazil, the United States, and Argentina remain the three major suppliers identified in the report.
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How large could the market be over the longer term?
USDA ERS’s February 2025 long-term projections describe a growing global import market and continued concentration of export supply. These are scenario-based forecasts from the USDA’s 2025 baseline, not observed outcomes or guarantees.
| Measure | USDA projection | Period and qualification |
|---|---|---|
| World soybean imports | 221.9 million metric tons, an increase of 37.5 million metric tons or 20.3% | By 2034/35, compared with the 2025/26 baseline. |
| China soybean imports | Rise from 112.5 million to 140.4 million metric tons | From 2025/26 to 2034/35; USDA cites demand for soybean meal in growing hog and poultry sectors as part of the outlook. |
| Brazil soybean exports | 137.0 million metric tons | Projected level by 2034/35. |
| U.S. share of global soybean exports | Falls from 27.8% to 25.9%, while U.S. export volume rises to 57.4 million metric tons | Share comparison from 2025/26 to 2034/35; the projected volume is for 2034/35. |
| Brazil, United States, and Argentina combined | Almost 90% of global soybean exports | Projected combined share by 2034/35. |
The projections point to Brazil’s scale and the continued importance of the three leading suppliers. They do not predict which origin will fill a particular Chinese order in a particular year.
What can—and cannot—be concluded about global market effects
A shift in China’s purchases can change which exporters serve its market, how much U.S. or South American supply is available to other buyers, and the competitive pressure on prices and freight. Brazil’s large export capacity gives China a substantial alternative when U.S. supply is less attractive. If tariffs or landed-cost differences change, sourcing incentives can change too.
The cited USDA figures do not isolate the effect of one trade deal on global soybean prices. They establish selected export and arrival observations, a dated commitment-progress snapshot, supplier competition, and longer-term projections. They do not show that the commitment caused a particular price move or that its reported progress translated into a specific final shipment total.
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