A jump in prices for Brazilian soybeans is putting off buyers in China, two trad...
SINGAPORE - A jump in prices for Brazilian soybeans is putting off buyers in China, two traders said, even as the rise was driven by expected demand from the world’s No.2 economy as its trade war with Washington intensifies.
Prices for Brazilian soybeans have climbed to $400 a ton, including cost and freight to China, up from $380 last week before the latest round of escalation in the Sino-U.S. trade conflict, the traders said. “Ever since the U.S. president announced a 10% tariff on Chinese products, Brazilian prices have risen,” said a trader on the sidelines of an industry conference in Singapore.Both traders, who have direct knowledge of Chinese buying, declined to be identified as they were not authorized to speak to media.
Meanwhile, falling demand for animal feed ingredient soymeal as Africa swine fever spreads through many of China’s pig herds will likely dampen the nation’s appetite for soybeans over the longer term. The beans are often used to make meal.
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