China's abandonment of U.S. soybeans is adding pressure on prices
Despite strong pressure from the President trump, China is not planning to make significant purchases of soybean in the United States not to increase their dependence on imports.
the President of the Soybean Association of China Yang BAOLONG said that "during the consultations in the U.S. on the purchase of soybeans, it was about quantity and terms of delivery, but never it was not about prices".
at present Beijing is ready to buy soybeans at a much lower than expected, the U.S. side, the volume primarily through the low competitiveness of the United States.
Last week, China purchased 30 cargos of South American soybeans, resulting in award for Brazilian soybeans increased in comparison with the U.S. by 10% per week and 20% per month.
Chinese importers had hoped for a settlement of a trade dispute with the United States, therefore, are not contracted for sufficient volumes of imports in September and October, and now the purchase of oilseeds generally suspended.
Another factor in the decline in demand for soybeans remains Achs and a reduction in the number of pigs, whose number by the end of the year, according to experts, may be reduced by 50%, via the feed consumption will continue to decline.
Under pressure from weak demand, the November soybean futures in Chicago fell to 321,5 $/t Dry and warm weather in the U.S. Midwest this week may reduce the yield of soybean that supports the prices.