China and EU soybean demand begins to slow

Global soybean exports continue to expand, but the world’s largest importers are showing signs of slower demand growth. According to Oil World, the five leading soybean exporters — Brazil, the United States, Argentina, Canada and Ukraine — shipped a record 57 mln tons during April–June 2026, up 10% from the same period last year.

Brazil remained the main driver of global exports. The country shipped about 14.5 mln tons of soybeans in June alone, while the United States exported nearly 1.9 mln tons. Total June shipments from the five largest exporters reached 17.49 mln tons, about 1 mln tons more than a year earlier.

Despite the strong pace of global trade, China’s import demand is beginning to lose momentum. The country imported 11.54 mln tons of soybeans in June, only slightly above last year’s level. Analysts note that import growth is slowing, while soybean crushing volumes in May and June were lower than a year ago, suggesting weaker domestic demand and potentially lower purchases in the coming months.

A similar trend is emerging in the European Union. Since the beginning of 2026, consumption of soybeans and soybean meal has declined, limiting import growth. As a result, soybean shipments from the five largest global exporters to the EU have remained virtually unchanged from last year at around 2.96 mln tons.

According to Oil World, the outlook for the global soybean market will largely depend on demand from China and the EU, which remain the world’s key buyers. If demand continues to soften, competition among exporters could intensify, putting additional pressure on global soybean prices in the second half of the year.

Tags: EU, soybean, USA, China