China buys zero American soybeans in November

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

Latest news

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera