China’s exports of U.S. soybeans are expected to plummet over the next marketing year, according to the latest forecast.
A soybean crushing industry executive told Reuters this week that China will almost entirely replace its soybean imports from the United States with Brazilian beans and other origins in the upcoming season. The latest forecast from China predicts Imports from the United States will plunge to just 700,000 metric tons, down from 27.8 million metric tons in the most recent marketing year. The drop in imports of U.S. soy by China stems from the tit-for-tat trade war between the U.S. and China.
In July, China imposed a 25 percent tariff on U.S. soybeans, sending purchases lower. The U.S. and China met last month in Washington, DC, but no formal talks are expected to take place soon, prolonging the trade war.
Source: National Association of Farm Broadcasting News Service.