Bargain Soybean Prices Trump Trade War
Some Chinese buyers are willing to risk taking up historically cheap U.S. beans even amid worries that Beijing may take steps to deter imports
At least two cargoes of U.S. soybeans are heading for China as some buyers are willing to risk taking up historically cheap U.S. beans even amid worries that Beijing may take further steps to deter imports amid mounting trade tensions with Washington.
According to a report from Reuters, bulk carrier Ultra Panther was due to arrive in southern China on Friday, while the Elsa S will land in the port of Qingdao, Shandong province, on Sept. 26, according to Thomson Reuters Eikon shipping data.
The buyers are not known, and the cargoes may have been booked before the tariffs were introduced.
But the shipments have drawn attention among traders who say they are steering clear of the U.S. market because of the risk of further curbs on U.S. soybeans.
“Whoever is buying the cargoes is really bold. We wouldn’t dare buy from the U.S. now,” a trader with a state-owned company told Reuters.