Even though the Brazilian soybean harvest is expected to bring in another record volume, CBoT soybean prices are rising again this morning. For the sixth time in a row. China bought US soybeans again, suggesting that the two sides will soon reach the first stage of a trade deal. However,
traders in Sydney this morning doubt that a deal will be reached and expect Chinese soybean orders to be canceled.
Yesterday, however, the Chinese first ordered five shiploads with a total of 300,000 tons of soybeans from the USA for delivery in January and February. Beijing wants to waive 30% of import duties for a total of 1 million tons. A similar quota was already offered in October, which the import companies have since used up.
Donald Trump wants to impose further punitive tariffs on imports from China on 15 December, i.e. in a few days, if "step one" in the trade agreement has not been agreed by then.
The Brazilian soybean sowing for the 2020 harvest is now almost complete and the harvest volume is currently estimated at 122.7 million tons.
Source
HANSA Terminhandel
