Globally, China is the number one soybean importer, and the U.S., Brazil, and Argentina are the top three soybean exporters. This research provides a detailed overview of the global soybean industry, analyzes the competitive structure of the Chinese soybean import market by examining both annual and monthly data, and compares competitiveness of the U.S., Brazil, and Argentina in the Chinese soybean import market. Results indicate that the U.S. and South America (Brazil and Argentina) were seasonal complementary soybean suppliers for China and Brazil has the greatest advantage in the Chinese soybean import market, followed by the U.S. and Argentina.