Chinese importers have been busy booking fresh purchases of soybeans from Brazil...
CHICAGO/BEIJING - Chinese importers have been busy booking fresh purchases of soybeans from Brazil this week, despite the White House announcement that China had agreed to buy up to $50 billion of U.S. farm products annually during trade talks last week.
While Brazil is China’s largest soybean supplier, large purchases from Brazil are unusual at this time of year. “I’ve not had any inquiries at all for U.S. ,” said one of the U.S. soybean exporters. “There were a few November boats bought from Brazil and several new-crop South American boats for March forward but nothing here.”
Before the trade war, China imported most of its U.S. soy between October and January, turning to South America around February.
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