In Ukraine, UkrAgroConsult reported that China is holding off on securing new soybean cargoes for December and January as high premiums on Brazilian supplies discourage buyers.
The pause in purchases could lead Beijing to draw on state reserves to meet short-term demand, as the country still needs about 8–9 million tons of soybeans for the two-month shipment window, according to the report. Recent large purchases from Argentina have covered supplies through November, while U.S. beans remain effectively out of reach amid renewed trade tensions between Washington and Beijing.
“China is not buying U.S. soybeans because of the trade war, and Brazilian beans are too expensive,” said one oilseed trader from an international firm supplying agricultural products to China. Market participants expect the government may rely on its soybean reserves until the arrival of South America’s new crop early next year, the report added.
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Category: Food & Agriculture
