China has “suspended” buying soyabeans from the US and is instead importing the oilseed from Brazil at a higher price, leaving growers worried. China has not purchased a single tonne of soyabean from the US in forward sales for September and October, said trade sources. The US soyabean harvest is set to begin in a month. Growers usually enter into forward sales from September onwards.
Trade analysts say soyabeans are a reason why US President Donald Trump is soft-pedalling the trade dispute with China. Two weeks ago, he directly addressed Chinese President XI Jinping on social media to buy more US soyabean. The desperation is, perhaps, reflected in his tough stance against India.
