The world's largest soybean import country has increased the purchase volume of Argentine soybeans. Argentina has implemented a currency devaluation policy for farmers earlier this month, which has greatly increased soybean sales.
According to Bloomberg, people familiar with the matter revealed that in the past two weeks, China has ordered up to 3 million tons of soybeans; people familiar with the matter demand anonymous because they have not been authorized.
Bloomberg reported that the import volume was almost close to China ’s total imports from Argentina last year from Argentina last year. As the American farmers began to harvest, it may erode the American soybeans.need.
Earlier this month, the Argentine government with tight funds implemented a temporary pizza depreciation policy for the soybean industry. As farmers sold inventory, a large number of low -priced soybeans poured into the global market.Argentina's central bank will tighten the exchange rate control of soybean exporters on Monday, which may slow down the nearly enthusiastic sales pace this month.
A subsidiary of COFCO Futures said that due to the changes in the exchange rate policy, the import cost of the delivery of Argentine soybeans in October was about $ 200 per ton (about S $ 282) than the US and Brazilian soybeans.Processing Argentine soybeans in China can therefore bring more benefits.
People familiar with the matter said that the purchased soybeans are mainly loaded in the next few months.They pointed out that if the exchange rate policy is still favorable, China may buy more big beans from Argentina.
