Brazilian soybean exports surge, beating U.S. supplies as China shifts to cheaper, lower-tariff Brazilian beans.

Brazilian soybean exports are surging due to a record harvest, driving Chinese buyers to favor cheaper, lower-tariff Brazilian beans over U.S. supplies, despite a December trade truce. U.S. soybean futures fell as global supply increased, with March contracts down 2.75 cents to $10.7275 per bushel. China has booked 25 cargoes of Brazilian soybeans for March and April delivery, while U.S. exports remain limited, partly due to higher tariffs and strong Brazilian competition. Analysts expect U.S. sales to improve later in the year if diplomatic talks progress and tariffs ease, but no new Chinese import commitment has been announced. Meanwhile, the 45Z tax credit is boosting demand for soybean oil and supporting market stability.