As the world’s top soybean buyer, China has yet to take delivery of about 1.14 million metric tons of U.S. soybeans booked for the current marketing year. USDA reported that China recently resold 123,000 tons of committed deliveries to Bangladesh and Iran. However, a Shanghai investment manager told Bloomberg most other shipments from the U.S. will be canceled after tariffs go into effect, as rates for soybean crushers will be too high. China has already begun to contract a number of soybean shipments from Brazil. Supplies are currently high but projected to run out in the fourth quarter of this year if China doesn’t buy any U.S. soybeans.
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