China's soybean imports from the United States jumped 70% in August from a year earlier, Reuters reports, as buyers took advantage of low prices for U.S. soybeans.
China imported 202.3 thousand tons of oilseeds from the United States last month, compared with 119.1 thousand tons a year earlier, according to data from the General Administration of Customs. Shipments from the U.S. have been growing since April, but volumes are still much lower than imports from Brazil, which rose 12% to 10.24 million tons.
As observers note, China imported a record 12.14 million tons of soybeans in August. This is due to concerns that trade tensions with the United States could escalate if Donald Trump returns to the US presidency. A more prosaic and obvious reason is that American soybeans are currently the cheapest in the world.
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