NEWS： China's soybean purchase from Brazil is booming
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Chinese importers are busy booking new soybean purchases from Brazil this week, although the White House announced that during last week's trade talks China had agreed to buy up to $50 billion a year in US agricultural products.
China's purchases are aimed at Brazil rather than the United States, suggesting that since China and the United States reached a preliminary trade agreement last week, Chinese purchases have been driven mainly by prices rather than policies.
Chinese buyers are expected to return to the U.S. market after a preliminary trade agreement between China and the U.S., so Friday's U.S. soybean price index reached its highest level since the start of the Sino-U.S. trade war more than 15 months ago.
Soybean prices soared last week, making Brazilian soybeans more competitive in the eyes of Chinese buyers. Brazil's soybeans are more attractive to commercial importers, as US exports are still subject to a 25% tariff and China has not granted any new tariff exemptions to non-state enterprises.
Since Monday, China has ordered at least eight shipments of Brazilian soybeans, worth about 480000 tons and $173 million, the traders said. Although Brazil is China's largest supplier of soybeans, it happens to be the harvest season of the United States at this time of year, and large-scale procurement from South America is rare.
U.S. soybean futures fell for the first time in three weeks as Chinese purchases in the U.S. market did not really show up.
Trump tweeted Sunday that China has started buying American agricultural products. But three U.S. soybean exporters said they have not sold U.S. soybeans to China since last week's trade talks in Washington, and the U.S. Department of agriculture has not confirmed any shipments.
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