Wednesday, 14 November, 2018

China does not need U.S. soybeans for state reserves - Sinograin official

China does not need U.S. soybeans for state reserves - Sinograin official China does not need U.S. soybeans for state reserves - Sinograin official
Jean Garcia | 16 July, 2018, 12:45

The trade conflict between Beijing and Washington is already boosting grain and oilseed exports from the Black Sea region, where major sellers including Russia, Ukraine and Kazakhstan are looking to sell more corn, wheat and soybean to the huge Chinese market.

It predicted that domestic companies would significantly cut purchases of USA soybeans due to the loss of their competitive advantage after the implementation of additional tariffs.

China's soybean imports in June jumped 13.1 percent from a year ago as buyers scooped up Brazilian supplies to avoid potentially higher costs on USA soybeans that are subject to Beijing's tariffs, customs data showed on Friday.

When the planting season begins in Brazil in September, growers are expected to expand soybean seedings by 2.4 million hectares, leading to a record crop of 120.5 million tonnes in 2018/19, some 2.5% larger than the projected USA harvest.

The spread between USA and Brazilian soybean prices offered in China rose to a five-year high in June as the trade spat deepened and buyers chased Brazilian beans.

Representatives of the US Soya bean Export Council have been meeting with buyers in Asia and Europe to encourage them to buy US soy, said Jim Sutter, CEO of the US Soya bean Export Council.

What should we expect from the Trump-Putin? | USA
Huntsman said the meeting must go on because some global issues can't be solved without Russian engagement. "It's a meeting. People in Helsinki attend the pro-human rights "Helsinki Calling" protest on Sunday, ahead of Monday's meeting between U.S.

Farmers have been able to manage low prices because of unusually high soybean yields. Prices for soybeans for delivery in November held steady on Thursday. Chinese soybean imports were forecast to fall by 8% during the 2018/19 marketing year despite larger shipments from Brazil, already the world's largest soybean exporter.

This is leaving several farmers across the USA and here in Arkansas in a panic, but hopeful. The trade turmoil has greatly diminished congressional appetite for making farm subsidy reform part of a new farm bill this year. The size of Beijing's soybean stockpiles is not known.

Yu said China can also buy more rapeseed, sunflower seeds, and bring in more soybean meal, rapeseed meal, sunflower meal and fishmeal to fill any supply gaps. The trade war further escalated on Tuesday after the Trump administration said it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.

According to Hood, in 2017 China bought more than half of the soybean crops harvested in the U.S. Arkansas was responsible for 3.5 million acres of that harvest.

No. 3 exporter Argentina has also bought US soy to supplement its own drought-stricken crop.

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