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China changing global soybean market

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According to Oil World, global soybean exports slowed down from 13.2 million tons in November to 10.8 million tonnes in December, still higher than December 2017 – 10.4 million tonnes.

Reduction in shipments of soybeans due to a decrease in soybean exports from the United States, caused by the refusal of China from the import of U.S. beans since June 2018 For the period, the United States reduced the export of soybeans from 5 to 3.7 million tonnes, much lower than the level of exports in the corresponding period last year – 6.2 million tons.

Countries in South America reduced the soybean exports from 6.1 million tonnes in November to 5.21 million tonnes in December, which is still almost double the figure of December 2017 and 2.6 million t. So, Brazil have reduced the export of soybeans from 4.9 million tonnes in November to 4.2 million tons in December, while in 2017 this figure was 2.3 million tons, China bought almost all the remains of South American soybeans that domestic prices rose to a level when the processors it was more profitable to sell soybeans to China than to upload their own power.

Thanks to China during September-December 2018 Brazil exported of 19.01 million tonnes of soybeans, against 11.2 million tonnes for the corresponding period in 2017. It exceeds the export of soybeans from USA, which over the period amounted to only 17.6 million tonnes against 29.5 million tonnes in the same period of the previous season.

Restore purchases by China of U.S. soybeans and the purchase of state-owned companies in December, 5 million tons of soybeans from the United States led to a decrease in premiums for Brazilian soy and the intensification of U.S. exports. However, China has not yet abolished the 25% import duty on U.S. soybeans, therefore, private importers are unable to buy it, whereas the state companies, the government of China shall refund the duty amount.

the Continuation of trade negotiations between the US and China in January and the first results of the harvest in Brazil could significantly change the global soybean market.

https://graintrade.com.ua

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