China apparently halts all U.S. soybean purchases - Entrepreneur Generations

As the U.S.-China trade war escalates, China has apparently stopped buying U.S. soybeans, according to Bunge Ltd., the world's largest oilseed producer. "Whatever they're buying is non-U.S.," Bunge's Chief Executive Officer Soren Schroder told Mario Parker of Bloomberg. "They're buying beans in Canada, in Brazil, mostly Brazil, but very definitely not buying anything from the U.S." Schroder said it was "very clear" that the trade war had triggered China's actions, but said he didn't know how long it would last.

In early April, China announced a 25 percent tariff on American soybeans but did not announce when they would take effect. In mid-April, China canceled orders for a net 62,690 metric tons of U.S. soybeans. South American countries are typically the lead global exporters of soybeans in the late spring and early- to mid-summer; the U.S. Department of Agriculture estimates that Brazil’s lead on global exports is expected to widen to a record in the 2017-2018 season as it sells 73.1 million tons abroad versus 56.2 million from the U.S.," Parker reports.

China's most recent move will likely hurt U.S. soybean farmers, who are planting more soybeans than corn this year for the first time in decades. China is the U.S.'s biggest customer for exported soybeans.


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