(Argentina, 24th) According to foreign media reports quoting three traders on the 23rd, after Argentina canceled the grain export tax on the 22nd, Chinese buyers have ordered at least 10 shiploads of Argentine soybeans. This is another setback for US farmers who have already lost access to the Chinese market and suffered from low prices.
Argentina's temporary tax measures have increased the competitiveness of its soybeans, prompting traders to secure supplies for China's inventory in the fourth quarter—a period traditionally dominated by US shipments, but now impacted by the US-China trade war.
One of the traders said that Chinese buyers have already booked 15 batches of goods.
A trader, who wished to remain anonymous, said: "These transactions were concluded last night after Argentina canceled the export tax... This clearly means China doesn't need US soybeans."
Traders said that as the world's largest soybean buyer, China has so far not purchased any US soybeans from the autumn harvest season.
Argentina's temporary tax measures have increased the competitiveness of its soybeans, prompting traders to secure supplies for China's inventory in the fourth quarter—a period traditionally dominated by US shipments, but now impacted by the US-China trade war.
One of the traders said that Chinese buyers have already booked 15 batches of goods.
A trader, who wished to remain anonymous, said: "These transactions were concluded last night after Argentina canceled the export tax... This clearly means China doesn't need US soybeans."
Traders said that as the world's largest soybean buyer, China has so far not purchased any US soybeans from the autumn harvest season.