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The Chinese do not want to buy Brazilian soybeans due to high prices
The jump in prices for Brazilian soybeans deters buyers in China, according to traders, even despite the fact that the increase was driven by anticipated demand from China because of its escalating trade war with Washington.
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According to traders, the price of Brazilian soybeans rose to $ 400 per ton C&F for delivery in China, compared to 380 dollars last week before the last round of escalation of the trade conflict between China and the United States.

The growth was driven by expectations that Chinese buyers will increase purchases of soybeans from countries such as Brazil, due to the trade tensions. Beijing has said it will stop accepting agricultural products of the United States in response to the introduction of new tariffs on Chinese goods, which were announced last week.

"Since then, as President of the United States announced the introduction of 10-percent tariff on Chinese goods, the prices in Brazil rose," said a trader on the sidelines of an industry conference in Singapore.

"The majority of Chinese importers have avoided shopping".

The price of soybeans in Sorriso, in the Central soybean region of Brazil in the state of Mato Grosso, on Tuesday closed at 62,31 real ($ of 15.67) per bag by 0.81% higher than the previous day and the highest level since June 18, according to the research centre Cepea / Esalq.

Meanwhile, the demand for soybean meal in connection with the distribution of the African plague of pigs in China will likely weaken the country's demand for soybeans in the long term.

"The demand for soybean meal is minimal, since no one knows what will happen next," said one of the traders the company that owns the plants for processing of soybeans in China.

"Also, no one has any idea about how and when to end the trade war".

China, the world's largest consumer of pork, reported more than 140 outbreaks of African swine fever since the first case in August last year.

It is expected that soybean imports to China will be reduced to 85 million tons in 2018/19 year, compared to 94.1 million tonnes, delivered in the 2017/18 year, according to the Ministry of agriculture of the United States.



Read more on IDK.ru:
https://exp.idk.ru/news/world/kitajcy-ne-khotyat-pokupat-brazilskuyu-soyu-iz-za-vysokikh-cen/492176/



Translated by service "Yandex.Translation"
Источники: IDK.Эксперт
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