China will stockpile up to 7 million tonnes of soybeans bought from the United S...
BEIJING/SINGAPORE - China will stockpile up to 7 million tonnes of soybeans bought from the United States during an earlier truce in the trade war between the nations, two traders familiar with the matter said, rather than crush them for immediate sale as a feed ingredient.
China typically buys about two thirds of globally traded soybeans to help feed its huge livestock herd, although it has been taking steps to reduce that such as turning to alternative meals and crimping protein levels in feed. However, remaining beans booked by state-owned COFCO and Sinograin but not yet shipped will be diverted to state reserves, said a trader familiar with the matter.
The shift in purchasing strategy followed the sudden escalation in the Sino-U.S. trade war last month, when U.S. President Donald Trump hiked tariffs on imports of Chinese goods, triggering a swift response from Beijing. “Obviously the U.S.-China relations have gone terrible and everyone is expecting a protracted trade war,” said Darin Friedrichs, Shanghai-based Senior Asia commodity analyst at INTL FCStone.
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