Brazil is looking to slim down its bulging soybean stockpiles after two years of record output , selling four shipments to China last year for delivery in November and December , with more deals in the pipeline . Jim Young The move is eating into the US ' volume of sales due to its aggressive pricing , which will increase pressure on benchmark US soybean futures . China buys around 60 % of soybeans traded worldwide , making it a major market for growers , particularly since Europe , a key buyer of US soybean , is expected to see imports tail off in 2016/17 . China is expected to import 86 million tonnes of soybeans in 2016/17 , up 4 % on last year , helped by strong demand for corn meal to feed its growing pig industry .
Brazil is looking to slim down its bulging soybean stockpiles after two years of record output , selling four shipments to China last year for delivery in November and December , with more deals in the pipeline . The move is eating into the US ' volume of sales due to its aggressive pricing , which will increase pressure on benchmark US soybean futures . China buys around 60 % of soybeans traded worldwide , making it a major market for growers , particularly since Europe , a key buyer of US soybean , is expected to see imports tail off in 2016/17 . China is expected to import 86 million tonnes of soybeans in 2016/17 , up 4 % on last year , helped by strong demand for corn meal to feed its growing pig industry .