US market share of soybean sales to China sinks below one-third

US soybean farmers supplied less than a third of all imported soybeans into China during the first 11 months of 2017, according to official Chinese statistics, as Brazil-sourced material ate into US market share.

Of a total 86.9 million mt imported into China – which imports almost two-thirds of all soybeans traded internationally – around 31% was sourced from the United States, the figures published December 23 show.

While total sales are up 2.3% on the year, the market share US soybean exporters enjoyed is down from 34% a year before.

A bumper crop and a much higher protein yield due to better weather helped Brazil extend its lead as the biggest seller of beans – taking a 57% market share in the 11 months to November versus 50% a year before.

The figures come just a few weeks after President Trump’s trip to China, where Chinese buyers pledged to buy more US soybeans.

However, new USDA export inspection rules that involve labelling cargoes that contain more than 1% foreign matter could see US market share sink further, according to market sources.