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Why Argentina’s 2024 Soybean Recovery Threatened the U.S. Share in China

Argentina’s post-drought rebound raised competition for U.S. soybeans in China in 2024. Later figures show resumed U.S. buying and strong Brazilian shipments, but no final full-year 2026 import shares.
From TheFinanceBase Team4 min to read
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The May 8, 2024, headline described a risk, not a settled outcome: Argentina was expected to rebound from drought, adding competition for U.S. soybeans in China. Since then, China has continued to shift purchases among origins as prices, tariffs, harvest timing and export capacity change. The available 2026 figures show renewed U.S. sales alongside heavy Brazilian shipments, but they do not establish a final full-year U.S. share.

What the 2024 headline meant

DatamarNews reported on May 8, 2024, that the U.S. supplied less than one-quarter of China’s soybean imports in 2023, compared with 51% in 2009, citing the UN Commodity Trade Statistics Database. The article’s Argentina forecast was part of the explanation for why U.S. competition could intensify: Argentina’s 2024 soybean crop was forecast near 50 million metric tons, up from 21 million tons in 2023 after drought.

That was a forecast about a particular crop and a forward-looking assessment made in 2024. It should not be read as a current measure of China’s sourcing or as proof that Argentina permanently replaced U.S. supply.

What the later figures show

The latest figures in the available sources are snapshots from different dates and use different measures. Customs import shares describe beans that entered China; export-sales data and bookings record purchases or commitments, not necessarily completed deliveries.

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Measure Figure and cutoff What it establishes
Brazil’s share of China’s soybean imports 72.1% through July 2026, based on Chinese customs data reported by S&P Global in September 2026 A partial-year import-origin share, not a full-year result.
China’s purchases of U.S. new-crop soybeans 5.7 million metric tons for MY 2026/27 as of August 13, 2026, in USDA Foreign Agricultural Service Export Sales data cited in its China update A dated purchase indicator, not a final shipment total or China’s eventual U.S. share.
U.S. soybeans sold to “Unknown Destinations” 3.8 million metric tons as of August 13, 2026, in the same USDA FAS update Not confirmed Chinese purchases. USDA FAS notes that the category can include purchases by Chinese state-owned enterprises.
U.S. soybean bookings for China 8.98 million metric tons for MY 2026/27 at S&P Global’s September 2026 reporting date A booking snapshot from a different source and cutoff; it is not interchangeable with the August USDA sales figure or a final delivery total.
Argentina soybean exports 13.3 million metric tons for MY 2024/25, a USDA FAS Buenos Aires Post estimate; China took 87% of Argentina’s whole-bean exports that marketing year An unusually strong, completed marketing-year episode, not a standing annual level.
Argentina soybean exports 6.5 million metric tons for MY 2025/26, a USDA FAS Buenos Aires Post estimate A separate marketing-year estimate; Argentine exports also include imported beans, including soybeans from Paraguay.

USDA FAS’s October 2026 China update also forecasts China’s MY 2026/27 soybean production at 20.1 million metric tons, slightly lower because of reduced planted area. That is a domestic production forecast, not an import figure. Separately, USDA Economic Research Service’s September 18, 2026, U.S. outlook forecasts 4.5 billion bushels of U.S. soybean production and 1.69 billion bushels of exports for MY 2026/27. Those national totals do not reveal what share of U.S. exports China will buy.

Why China switches soybean origins

China’s buyers compare the cost and reliability of getting beans delivered, not just the size of a country’s harvest. USDA FAS identifies Brazil’s price advantage, tariff costs on U.S. beans, and a narrower seasonal U.S. shipping window as factors affecting competition. The practical comparison also includes whether exportable supplies are available when needed, transport and port capacity, and the risk that policy changes disrupt a deal.

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  • Delivered price: A lower farm or export price can lose its advantage once tariffs, freight and other delivery costs are included.
  • Harvest timing and available supply: South American and U.S. crops reach export channels at different points in the year. Buyers may shift origins as one harvest becomes available or another country’s exportable surplus tightens.
  • Logistics: Ports, inland transport and shipping availability affect whether large volumes can move on schedule. USDA FAS cautions that production and logistics limit how far China can diversify beyond Brazil, the United States and Argentina.
  • Policy risk: Tariffs and export-tax changes can quickly alter a shipment’s economics. USDA FAS says a 10% Chinese retaliatory tariff on U.S. soybeans led commercial buyers to rely on South American origins.

These forces can pull in different directions. USDA FAS reported that Brazil sent record soybean volumes to China from June through August 2026, while also reporting resumed U.S. buying for MY 2026/27. A strong U.S. sales snapshot therefore does not mean tariff friction or Brazilian competition has disappeared.

Why Argentina’s export surge should not be projected forward

Argentina’s 13.3 million metric ton MY 2024/25 export estimate from USDA FAS Buenos Aires Post was tied to an unusual policy window: China bought during a three-day temporary suspension of Argentina’s export taxes. China accounted for 87% of Argentina’s whole-bean exports in that marketing year. Those conditions help explain why the Post estimate was 183% above its previous forecast and higher than USDA’s official estimate.

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The Post’s separate 6.5 million metric ton estimate for Argentina’s MY 2025/26 exports is a reminder that the exceptional prior-season sales level should not be treated as a new normal. Argentina also imports soybeans, including from Paraguay, to support its crushing industry, so its export totals are not a simple measure of home-grown surplus.

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How to read the outlook

The 2023 U.S. share comparison is historical, while the 2026 figures are incomplete indicators based on different data types and cutoffs. The reviewed sources do not establish a final full-year China import share for MY 2026/27. Until full-year import data are available, the sound conclusion is narrower: U.S. sales had resumed, Brazil remained a major supplier, and tariffs, prices, timing, logistics and policy continued to shape the contest. For U.S. growers, that competition can matter: Illinois soybean farmer Jeff O’Connor told Successful Farming, in a quotation reported by DatamarNews, “What we are losing internationally to China we cannot make up for domestically in one year’s time. We cannot replace that overnight.”

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