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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.
The risk sentiment remains under pressure after the comments by China about the countermeasures against the US tariffs. Thus, the AUD/USD and the USD/JPY pairs will be under our attention.
During the European trading session, both the US and the UK yield curves inverted.
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