A global trading member of the South Africa Cereals and Oilseeds Trade Association (SACOTA) has successfully signed a deal to supply 200 000 tons of soybeans to China – one of the world’s largest importers of oilseeds.
The deal is only the second of its kind between the two countries, the first being in 2023, when 147,000 tons were exported.
SACOTA has called the agreement ‘a much-needed boost for the local industry’, and one that will help secure future market opportunities.
“The first confirmation of an expected record production came on 23 April 2026 when the Crop Estimates Committee (CEC) forecast a maize crop of 16.8 million tons and a soybean crop of 2.8 million tons. These expectations of record production were accompanied by expectations of a decline in prices and subsequent exports,” said SACOTA.
“Early expectations for maize were around 3.6 million tons, and for soybeans 600 000 tons. The South African soybean industry, being relatively new on the export market, faced an additional challenge because the yellow maize export program historically receives preference at the Port of Durban export terminals, for various reasons, potentially limiting soybean exports.”
“China is the biggest buyer of soybeans in the world. They buy over 60% of globally traded soybeans. This year saw a record soyabean harvest in South Africa of around 3 million tons. South Africa currently crushes about 2.3 million tons locally, leaving a surplus that could be sold into export markets.”
“We have plenty that we will put in the market, and this development is very positive for us,” said Sihlobo.
“Just as early as 2014, South Africa was importing over a million tonnes of soybean oil cake and some soybeans. Now we are at a most fortunate position where we are talking about the exports. We can only just grow from the position that we are in,” he added.
“China buys roughly 11% of globally traded agricultural products. That is around $200 billion US dollars a year. To just get a sense of that, compared to the US, we send to the world market about $15 billion of agricultural products. So we are a tiny market,” said Sihlobo.
