China imported 9.53 million tons of soybeans from Brazil in June 2023, up 31.6 percent from 7.24 million tons a year earlier, according to data released by Chinese customs on Thursday. Brazil’s bumper soybean harvest this year is the cheapest among major exporters, attracting Chinese buyers to increase their purchases. Data released by the General Administration of Customs on Tuesday showed that China’s soybean imports in June 2023 were 10.27 million tons, up 24.5 percent year on year.
Soybean imports in the first half of this year were 52.57 million tons, up 13.6% year-on-year.
Forecast of New Crop in Brazil
Brazilian private consultancy Safras & Mercado released its first forecast for next year’s Brazilian soybean crop on Friday, predicting another record production. Brazil’s 2023/2024 soybean crop will set a new record of 163.2 million tonnes, up 4.5% from the previous year. The soybean area will increase to 45.6 million hectares in 2023 / 24, driving production higher. Brazil 2023 / 24 soybean planting should start in mid-September, depending on rainfall.
Current Market Price in China for new crop soybean
| Product | Chinese Soybean |
| Type | NON-GMO |
| Color | Yellow |
| Purity | 99.5 % Min |
| NON | GMO |
| Package | 25kg Paper Bag |
| Loading | 22Tons / 20GP |
| FOB Dalian | USD 880-900/Mt |