The 2018-19 marketing year has dwindled to an extremely slow start for U.S. soybean exports as China holds on to large domestic inventories, the USDA data has said on Thursday.
The U.S. shipped only 7.4 million bushels of soybeans to China in the first seven weeks of the new marketing year, which began Sept. 1, representing 97 percent drop from the same time period last year when the U.S. shopped 239 million bushels.
USDA’s latest monthly supply and demand report shows China has 825 million bushels in beginning stocks that it can draw down on as the country’s importers largely shun the new U.S. crop. China hit U.S. soybeans with a 25 percent tariff, earlier this year in retaliation for U.S. tariffs meant to punish China for intellectual property theft.
Copper price records two year high amid China’s strengthening demand,Chile’s supply crunch
Copper stretches gains on China demand amid Chile, Peru supply worries
CBN says investment in cotton farming to boost ginneries capacity
Coffee: Uganda targets price, production increase as Brazil suffers weather challenge
Heavy rainfall, pest infestations ravage Indian soybean production
Commodities open with mixed prices for base, precious metals as sentiments bullish on China's deman...
CBN distributes farming inputs to Oyo cocoa farmers
Wheat, soy futures raise concerns over weather threats
Copper prices surge as investors await economic recovery
Gold prices come under pressure as muddled U.S fiscal stimulus strengthens dollar