Brazil retains price advantage over US soybean shipments to China

Brazil maintained a clear price advantage over the United States in soybean shipments to China during the second quarter of 2026. According to USDA estimates, the landed cost of Brazilian soybeans in Shanghai ranged from about $479 to $507/t, depending on the route.

Comparable costs for US soybeans were higher. Shipments from the US Gulf were estimated at $531–542/t, while Pacific Northwest routes were assessed at $513–522/t. This gave Brazil an advantage of as much as around $63/t on some routes.

The key factor remains lower farm-level soybean prices in Brazil. These help offset relatively high trucking and ocean freight costs, which have also increased in 2026.

The competitiveness gap is also reflected in trade volumes. In the second quarter, the United States exported about 111 mln bushels of soybeans to China, while Brazil shipped roughly 1.19 bln bushels — more than ten times as much.

USDA expects stronger US soybean exports in the current marketing year, but delivered costs into China will remain a key competitive factor. For now, lower domestic soybean prices continue to give Brazil an advantage in the world’s largest soybean import market.

Tags: China, Brazil, soybean, USA