Chloe Tai Blog

It appears China has stopped buying soybeans from the US altogether because of trade fight

ChloeTai
Publish date: Thu, 03 May 2018, 10:43 PM
ChloeTai
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This is my blog.

China is apparently no longer buying U.S. soybeans amid the rise in trade tensions, Bloomberg reported Wednesday.

"Whatever they're buying is non-U.S.," Soren Schroder, CEO of New York-based Bunge, the world's largest oilseeds processor, told the news outlet in a phone interview. "They're buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S."

A Bunge representative did not immediately respond to a CNBC request for comment.

China canceled a net 62,690 metric tons of U.S. soybean purchases in the two weeks ended April 19, the Bloomberg article pointed out, citing USDA data for the current marketing year.

Soybean futures fell 1 percent Wednesday, but are up 8 percent on the year.

In response to the Trump administration's proposed tariffs on $50 billion worth of Chinese imports, China's Ministry of Commerce announced duties in early April on 106 U.S. products, including soybeans. No effective date was announced at the time.

TRADE WAR HAS ALREADY STARTED EVEN THOUGH THE DEADLINE IS 6 JUNE 2018.

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Discussions
Be the first to like this. Showing 5 of 5 comments

qqq3

I trust the Chinese public to boycott US products now.....good job.

2018-05-04 00:49

qqq3

no need to wait for the war to start....we call this the pre emptive strike.

2018-05-04 00:50

qqq3

China is a very united country
Trump has a divided country

lets see who wins.

2018-05-04 00:51

qqq3

Trumps wants to target China
will China just surrender and put up white flag?

2018-05-04 00:56

king36

China would not face up the US if they have no bargaining power with them.
They had already told the US - they would go to the bottom of it.
Let's see after May 4 or by next week after the delegation has left China and reported to Trump.

2018-05-04 01:31

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