Last week, Americans learned depressed commodity prices and the escalating China-US trade war had sparked a farm bust across the Midwest region, sending farm bankruptcies to levels not seen since the great financial crisis.
Farmers fear China will never return to US soybean markets, as they have now explored new sources in South America.
According to Hellenic Shipping News, new evidence shows the US is "about to lose its leading position in global soybean exports to South American countries in 2019 as China seeks new import sources" because of President Trump's trade disputes with China.
Argentina, a significant global soybean producer, will dramatically boost its soy exports to China from an average of 7-8 million tons in the last several years, up to 10-15 million tons in 2019, Nicolas Pawlusiak, a spokesperson with the Rosario Board of Trade, which is based in Argentina, told the Global Times last week.
Pawlusiak said the growth in soybean exports from South American countries is directly due to the decline in US exports to China.
US-China trade war shifts soybeans destinations
"China, normally the destination for 60% of all US soybean exports, slashed imports after raising tariffs on US shipments on July 06," reported Reuters.
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2 comments:
total bs. so when china buys their soybeans from south america where will those displaced buyers go to buy soybeans! total f'n bs pushed by libs and needs to be called out for what it is!
Other countries don't buy our grain just to nice to us, they buy from need.
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