skews13
Diamond Member
- Mar 18, 2017
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China is apparently no longer buying U.S. soybeans amid the rise in trade tensions, Bloomberg reported Wednesday.
"Whatever they're buying is non-U.S.," Soren Schroder, CEO of New York-based Bunge, the world's largest oilseeds processor, told the news outlet in a phone interview. "They're buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S."
A Bunge representative did not immediately respond to a CNBC request for comment.
China canceled a net 62,690 metric tons of U.S. soybean purchases in the two weeks ended April 19, the Bloomberg article pointed out, citing USDA data for the current marketing year.”
This is potentially devastating to mid-western soy bean farmers and processors, who sold 13.9 billion dollars worth of the product to China in 2017.
Brazilian soy bean prices have gone up as a result of China buying there, and so the EU has increased their buying in the U.S. but their need for the crop is minuscule compared to China’s.
Way to close that trade gap, drumpf.
It appears China has stopped buying soybeans from the US altogether because of trade fight
