Overview

• China absorbed 79% of Brazil’s soybean exports through October, a rise of 3 percentage points from a year earlier, according to Anec.
• Anec projects October soybean shipments will jump 60.6% to 7.1 million tonnes, with year‑to‑date exports up 5% versus the same period in 2024.
• Beijing sharply reduced U.S. soy purchases, with Chinese imports of American soy falling to 5.8 million tonnes in January–August from 26.5 million a year earlier, while Brazil shipped over 77 million tonnes to China in that span.
• The Economist describes Brazil as the trade war’s big winner and cites exports above 100 million tonnes in 2023 with a 2025 projection near 110 million.
• Trump and Xi are expected to meet at the APEC summit this month, and Trump says he is preparing new aid for U.S. farmers as agricultural sales to China decline.