# The United States, Brazil, and China Soybean Triangle: A 20-Year Analysis - farmdoc daily

> A farmdoc analysis finds Brazil's 2023 soybean exports reached a record 3.744 billion bushels, up 29%. US shipments fell 14% to 1.789 billion bushels. Brazil sent 73% of its soybeans to China, compared with a 51% US average.

- Date: 2024-02-20 · published 2024-02-20T12:00:00.000Z
- Category: trade · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/14776-the-united-states-brazil-and-china-soybean-triangle-a-20-year-analysis-farmdoc
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Brazil's record exports and heavy reliance on China show the South American supply advantage, which pressures US soybean prices and export share. Chinese demand remains the key price driver for both origins.

## Read by commodity

- SOY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-09-07 | [Brazil Breaks Soybean Export Record and Displaces Argentina in the Global Soybean Meal Market - farmdoc daily](https://feedsoft.ai/events/14814-brazil-breaks-soybean-export-record-and-displaces-argentina-in-the-global.md) | -1.8% | -6.4% |
| SOY | 2018-07-31 | [Trade Timeline and Corn and Soybean Prices - farmdoc daily](https://feedsoft.ai/events/63900-trade-timeline-and-corn-and-soybean-prices-farmdoc-daily.md) | +0.3% | -4.6% |
| SOY | 2020-01-09 | [New Data: U.S. Soybean Farmers Lost 2nd Year To China Trade War](https://feedsoft.ai/events/55115-new-data-u-s-soybean-farmers-lost-2nd-year-to-china-trade-war.md) | -1.0% | -6.1% |
| SOY | 2026-02-19 | [ANALYSIS: Tariff gap likely to keep China's soybean imports anchored to Brazil \| S&P Global](https://feedsoft.ai/events/14599-analysis-tariff-gap-likely-to-keep-china-s-soybean-imports-anchored-to-brazil-s.md) | +1.3% | +2.5% |
| SOY | 2018-06-28 | [Canadian soybean producers sideswiped by U.S.-China trade battle - The Globe and Mail](https://feedsoft.ai/events/64569-canadian-soybean-producers-sideswiped-by-u-s-china-trade-battle-the-globe-and.md) | -3.7% | -0.7% |

## Sources

- farmdocdaily.illinois.edu: https://farmdocdaily.illinois.edu/2024/02/the-united-states-brazil-and-china-soybean-triangle-a-20-year-analysis.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.