As US and China trade tariff barbs, others scoop up US soybeans
Escalating tensions between the United States and China have triggered a flurry of U.S. soybean purchases by European buyers, in one of the first signs that trade tariff threats lobbed between the world's top two economies are disrupting global commodity trade flows.
(Updated: )
Ricky Lim ·
Trade tensions between Washington and Beijing have rattled markets over the past week. Soybean prices tumbled by as much as 5 percent after China threatened to levy extra duties on U.S. shipments, though the market ultimately ended the week down about 1 percent.
The United States is the second-largest soybean exporter in the world after Brazil. China is by far the top buyer, importing about two-thirds of all soybeans traded globally.
The big U.S. soybean sales come at a time when U.S. shipments are traditionally costlier than newly harvested soybeans shipped from Brazil, the world's biggest exporter.
"U.S. prices got exceedingly cheap compared to Brazil," said a U.S. trader who asked not to be named. "Some of this is outright new business. Some of it is arbitraging away from Brazil
---
Trump trade war is hurting his own US business and agricultural sector.
Trump must be taught an expensive and good lesson.
The time will come when US voters punish Trump.
The United States is the second-largest soybean exporter in the world after Brazil. China is by far the top buyer, importing about two-thirds of all soybeans traded globally.
The big U.S. soybean sales come at a time when U.S. shipments are traditionally costlier than newly harvested soybeans shipped from Brazil, the world's biggest exporter.
"U.S. prices got exceedingly cheap compared to Brazil," said a U.S. trader who asked not to be named. "Some of this is outright new business. Some of it is arbitraging away from Brazil
---
Trump trade war is hurting his own US business and agricultural sector.
Trump must be taught an expensive and good lesson.
The time will come when US voters punish Trump.
No comments:
Post a Comment