China Soybean Imports Plunge
Country will almost entirely replace U.S. imports with Brazilian beans
China will almost entirely replace its soybean imports from the United States with Brazilian beans and other origins in the upcoming season, but may run out of the oilseed in early 2019, said an executive with a top crusher on Tuesday.
Reuters reports the forecast was one of the most bearish yet on the impact of the Sino-U.S. trade war for American farmers.
Imports from the United States will plunge further in the 2018/19 season starting this month to just 700,000 tonnes, said Guo Yanchao, deputy chairman of Jiusan Group.
That compares with 27.85 million tonnes of U.S. soybeans imported in the prior year.