Foreign media: The US soybean market is facing a dilemma due to China's absence.
Before the start of the US soybean export season, it seems that China has not purchased any US soybeans yet. This impasse stems from Sino-US trade negotiations. China imposed additional tariffs on US soybeans since March as a retaliation against the US tariff policy, which has reduced its competitiveness. As a result, US farmers are facing a financial crisis, with soybean prices falling below $9 in some areas, causing serious impacts in places like North Dakota.
The US Soybean Association has written to President Trump, warning that if China continues to not purchase US soybeans, farmers will face long-term economic difficulties. China is the largest buyer of US soybeans, purchasing 54% of US soybean exports during the 2023-2024 market year, worth $13.2 billion. Currently, the market hopes that the US and China can reach a trade agreement by November 10 to resume soybean trade. Otherwise, Brazil may fill the market gap, and China may also use its own reserves to meet demand.
Original article: www.toutiao.com/article/1841690265286664/
Statement: This article represents the views of the author himself.