China's US soybean imports slide 12% in August as trade flows shift

China's soybean imports from the United States declined 12% in August compared with a year earlier, customs data released on Sunday showed, as cargoes from a large purchase made late last year continued to clear ports.

August arrivals from the US totalled 200,477 metric tons, down from 227,205 tons in the same month a year earlier. The decline reflects the fact that most of the roughly 12 million tons China bought after a summit in Busan, South Korea, have already been delivered in recent months.

Brazil, by contrast, shipped 10.61 million tons to China in August, up 1% from 10.48 million tons a year earlier, reinforcing its role as the leading supplier to the world's largest soybean buyer.

Overall, China imported 12.14 million metric tons of soybeans in August, a fall of 1.1% from 12.28 million tons a year earlier but 5.7% higher than July volumes.

For the January-August period, US shipments dropped 34% year-on-year to 10.66 million tons, while Brazilian supplies rose 5% to 55.14 million tons.

Beijing has crossed the halfway mark of its target to purchase 25 million tons of US soybeans this year, with shipments beginning in September. The commitment was agreed with Washington last October and reaffirmed in May.

Trade tensions between the two countries last year had led Chinese buyers to postpone purchases of the previous US harvest until after an October summit between their leaders. Following that meeting, Beijing bought around 12 million tons of American soybeans, though the volume remained well below pre-trade-war levels.

Market participants are watching a planned summit next week between US President Donald Trump and Chinese President Xi Jinping for clearer signals on China's future demand for US soybeans.