How COVID-19 is Impacting Trade
China’s soymeal futures are increasing as soybean crushers suspended operations
ProFarmer and Hellenic Shipper News reported that China’s soymeal futures are increasing as soybean crushers suspended operations due to a shortage of soybeans as the novel coronavirus and weather have delayed South American shipments.
Chinese soymeal futures are currently at their highest level since October 2019, while inventories are at their lowest level since at least 2010.
Shipments have also been disrupted to some degree by worries that China may stop imports to prevent the spread of coronavirus from other countries. The issue is not with the safety of the soybeans, but how to handle sick crew members.
Read the full report at USSoy.org.