TL;DR
- China imported no US soybeans in September 2025.
- First zero imports since November 2018.
- US shipments fell from 1.7 million metric tons last year.
- South American shipments, mainly Brazil and Argentina, surged.
- Brazil shipments up 29.9% YoY; Argentina up 91.5% YoY.
- Analysts cite high tariffs as main cause.
- Potential supply gap in China between Feb-Apr 2026 without trade deal.
- US farmers may face significant financial losses.
- Trade negotiations between Beijing and Washington ongoing.



