China’s Imports of U.S. Soybeans Jumped in December Before Trade Deal
Chinese purchases of American soybeans jumped to 3.1 million tons in December, compared with 2.6 million tons the previous month, customs data show.
- That’s the highest since March 2018, and compares with less than 70,000 tons a year earlier.
- The increase in Chinese purchases is likely due to buyers taking advantage of the government’s move to waive retaliatory tariffs on U.S. soy, which remain in place at 30%.
- Since December, purchases by China have been lacking, though this may be because buyers are waiting until the U.S. harvest begins and prices come down.
- More imports from the U.S. will likely come at the expense of Brazil, analysts and industry watchers have said.
- China’s soy imports from Brazil were 4.83 million tons, compared with 3.86 million tons in November
- Purchases from Argentina were at 1.31 million tons versus 1.42 million tons in November
- READ: China Buys Brazilian Soybeans Before Trade Deal With U.S
- READ: China’s Pork Imports Hit Record in 2019, Soy Buying Steady
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