In 2023, China's soybean imports from Brazil increased by 29% compared to the previous year, according to customs data cited by ESMagazine, expanding the South American grower's dominance in the world's largest soybean market and contributing to the U.S. market share decline.

Total shipments from Brazil to China were 69.95 million metric tons last year, as reported by the General Administration of Customs of China. Imports from the U.S. decreased by 13%, reaching 24.17 million tons.

China's total soybean imports rose to 99.41 million tons as Chinese buyers took advantage of the cheaper supply from Brazil's exceptional harvest to feed their large pig herds.

Brazil's market share increased to 70%, while the U.S. share decreased to 24%, according to Reuters calculations based on data.

In December, soybean arrivals from Brazil were 94% higher than a year earlier, at 4.98 million tons, while arrivals from the United States were 31% lower, at 3.85 million tons. CNC-SOY-IMP

It is estimated that China's soybean imports in the first quarter will decrease by about 20% compared to the previous year, to 18.5 million tons, according to a Reuters survey, after a record cull reduced pig herds.

Argentina, the third-largest producer, is expected to increase soybean exports in 2024 due to forecasts of a soybean crop recovery amid drought, which could bring even more competition for U.S. soybeans.

In other news, Chicago soybean futures rose but were on track for a fifth consecutive weekly loss after the contract hit a two-year low in the previous session due to expectations of ample supply.

Corn and wheat futures contracts were slightly higher, with corn trading near three-year lows.