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 .
Brazil is looking to slim down its bulging soybean stockpiles after four years of record output, selling four shipments to China last week for delivery in November and December, with more deals in the pipeline. The move is eating into the US' share of sales due to its aggressive pricing, which could 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 predicted to import 86 million tonnes of soybeans in 2016/17, up 4% on last year, helped by strong demand for soybean meal to feed its growing pig industry.