The US Parties Lead the Country to a Default
When will the US go bankrupt? Will it start the market crash unseen before? We have plenty to share with you, so let’s get started.
China buys zero American soybeans in November
In November, Chinese soybean imports from America dived to zero. It happened for the first time since the trade clash between the world's two leading economies started that the world's number one soybean purchaser, China has imported no American supplies.
Instead, the Asian country rushed to Brazilian imports for the purpose of replacing the American cargoes, as follows from Monday’s customs data.
In November, China purchased 5.07 million tons of soybeans from Brazil, which appears to be 80% more than last year’s outcome of 2.76 million tons. That’s what follows from data provided by the General Administration of Customs.
Besides this, American imports dived from 4.7 million tons in November last year and also declined from October’s reading of 67,000 tons.
The world's major soybean purchaser, China normally gets most of its oilseed imports from America in the last quarter of the year because the American harvest shows up in the market. The United States was used to being the second-largest supplier of soybeans to this Asian country and the trade accounted for $12 billion last year.
However, purchases have decreased since the Chinese cabinet placed an extra 25% levy on American imports on July 6, responding to levies slapped by the American government on Chinese products. China had to ramp up its Brazilian purchases with the aim of filling the gap.
The Chinese government resumed purchasing American goods earlier this month, after the two world’s leaders agreed on December 1 to a truce in their trade conflict. However, the hefty duties on American goods are in place.
China utilizes soybeans as an animal feed ingredient soymeal for its huge livestock herds.
China has managed to maintain relatively high soybean inventories even as purchasers shunned American cargoes through the Brazilian alternative, and as African swine fever has terminated pig herds, affecting demand for animal feed.
Similar
The Sentiment is Bearish for the EUR
The US Consumer sentiment will shake the market today. We are back with more news for you to enjoy!
CPI Wednesday: the Doomsday for EURUSD and GBPUSD?
Today, the US Inflation release at 15:30 GMT+3 will determine the further destiny of the major pairs and gold. The event is highly impactful, as the Federal Reserve will make decisions regarding further rate hikes based on it. Also, we brought you some news about XAUUSD and GBPUSD. Stay tuned!
Latest news
Nonfarm Payrolls is in Focus Today
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
No More US Debts in Sight
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
Gold Rises as Central Banks Buy More
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
