US soybean exporters shift to new markets as sales to China slump

U.S. soybean exporters are increasingly selling their products to new markets as shipments to China, their biggest market, have dropped significantly. With only a month left in the marketing year 2025-26 (August-September), the decline in sales to China has prompted U.S. soybean traders to boost exports to various Asian nations, including Japan, Indonesia, Taiwan, Pakistan, and Bangladesh. This shift is primarily driven by trade agreements signed earlier this year with these countries.

Despite the challenges, the U.S. managed to sell an additional 3.3 million metric tons (mt) of soybeans to other nations as of July 16. Trade agreements played a crucial role in this, particularly those with Japan, Indonesia, and Bangladesh, which helped to increase shipments to these regions. For instance, Japan has committed to buying 2.3 million mt of U.S. soybeans, up 10.2% year-over-year, while Indonesia has increased its commitments by 19.8% year-over-year to 2.4 million mt.

Egypt's purchases of U.S. soybeans have also risen by 41.6% year-over-year, reaching 4.9 million mt. Similarly, Pakistan's commitment to U.S. soybean purchases has surged by 317.9% to 1.1 million mt. However, China's purchases of U.S. soybeans remain low, partly due to an additional 10% import duty introduced in response to trade tensions. Despite these challenges, U.S. soybean traders continue to monitor China's purchases, but optimism is low for a significant increase.