Escalating tensions between the U.S. and Iran failed to impede a surge in soybean business after China shunned American shipments in an escalating trade battle, reports Bloomberg.
Since July, 11 American soybean cargoes with a combined 750,602 metric tons have headed to Iran, U.S. Department of Agriculture data show. That’s up fivefold from a year earlier. Confirmed deliveries in the nine months ended Aug. 31 are 166,348 tons, according to the latest U.S. Census figures.
Since China introduced tariffs on U.S. soybeans in July, Iran has been the fifth-largest importer of American supplies, USDA inspection data show.
Also since July, Iran joined Egypt, a major aquaculture producer, among the top five U.S. customers.