Soybeans: Experts expect bottlenecks in early 2019

China imported 9.15 million tons of soybeans from the US in August. That's 14% more than in July. Nevertheless, Middle Eastern buyers are still focusing on Brazil, as Beijing's import tariffs on US beans make them more expensive.
China's August imports were also higher than in August 2017 when 8.44 million tonnes of US beans were purchased. Brazil's soybean stocks are running low and China will have to turn back to the US market for better or worse, despite the 25% import tariff since 6 July. China imported US soybeans worth $ 12.3 billion last year.
Therefore, the Chinese oil mills initially deviated to Brazilian soybeans, for which prices rose. Shortly before July 6th, China once again bought a record amount of US soybeans, temporarily resulting in excessively high inventories there. In the meantime, these stocks have been reduced to a normal level.
In the first eight months of the year, China purchased 62 million tons of soybeans. This was 2.1% less than in the same period last year. Experts predict Chinese monthly imports of seven million tonnes in the months to November.After that, the availability of soybeans on the world market could decline because Brazil will have little to sell until the next harvest. Some experts even expect bottlenecks in early 2019.
China imports around 60% of the total soybean available on the world market, of which 32.9 million tonnes came from the United States in 2017 (34%).

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