Abstract:China is a large import country of soybean in the world.The United States,Brazil and Argentina have become the oligopolies in China's soybean import market.But multinational grain companies have controlled the soybean industrial chain so that China loses the pricing power in the soybean market of the world,and the oligopoly was also weakened.Seeking export benefit will induce Brazil to compete with the U.S.in China's soybean import market.This paper investigates the competition between Brazil and America under the control of multinational grain companies from three dimensions:export potential,pricing power and policy trend.The result shows that Brazil replaces the U.S.in the soybean quantity export to China in long-term,and in short-term,Brazil enhances monopoly power in its peak-season and extends the duration of its peak-season; the active adjustments of production and trade policies have not only promoted the pricing power and international competitiveness of Brazilian soybean export,but also helped China enrich the policy choices and improve the welfare from soybean import.Finally,this paper briefly discusses the policy implications contained in the conclusions.