In a twist that’s shaking up the global market, China stopped buying soybean and corn from the United States since mid-January, according to Nikkei Asia and USDA data. This move comes ahead of rising tariff tensions, marking a significant change in trade flows.
Last year, the U.S. supplied over 27 million tonnes of soybeans to China, generating exports worth $12.8 billion. Now, the Chinese market has pivoted: a huge contract for 2.4 million tonnes of soybeans was inked with Brazil – an amount that makes up nearly one-third of China’s monthly consumption! 😮
Industry experts are taking note. U.S. Soybean Export Council CEO Jim Sutter remarked, "China is a market that we don't want to lose," underlining the importance of this trade relationship. As global trade dynamics continue to evolve, this development is sure to spark discussions among investors, students, and culture enthusiasts alike.
Stay tuned as we follow this unfolding story that promises to reshape commodity markets and international trade relations.
Reference(s):
China halted U.S. soybean, corn imports before tariff war: report
cgtn.com
