Remember all the soybeans China said it would be buying from the U.S. once the phase one trade deal was inked and tariffs were rolled back? Well, they are buying from the wrong country.
China’s Brazilian soybean imports in June broke a record, based on China’s General Administration of Customs data from this weekend. They bought 10.51 million tons of soybeans in June, an increase of 91% from June of last year. Volume also rose 18.6% from May volumes.
To put that into perspective, China’s overall soybean imports in June were 11.16 million tons, meaning Brazil accounted for almost all of it.
The U.S. made up a lot of the remainder.
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