Brazil Shipping Record Amount Of Soybeans to China In 2018

November 20, 2018 11:20 AM

China's foreign ministry is blaming the United States for ruining the quote "harmonious atmosphere" at a meeting of world leaders in Papua New Guinea. It has highlighted the divisions between the U-S and China and a growing competition for influence in the South Pacific.

For the first time in its 29 years of summits, leaders at the Asia-Pacific Economic Cooperation meeting failed to agree on a joint statement over the weekend. A spokesperson for the Chinese government said the U-S was quote "in a blaze of anger" at the meeting. He said comments made by Vice President Mike Pence, were "unhelpful for all parties to reach consensuses." Pence and China's President Xi Jinping traded barbs in speeches. Pence is accusing China of intellectual property theft, forced technology transfers and unfair trading practices.

Meanwhile, President Trump saying he thinks a deal can be reached between the U.S. and China. The president remains vocal how he wants China to commit to resuming imports of U.S. soybeans in an agreement.

As the industry waits to see what a meeting between the president and his Chinese counterpart could mean at the G-20 Summit, Reuters reporting Brazil has shipped 80 million tons of soybeans to China this marketing year. It’s a record amount that’s continuing to climb.

“If we were to be settled here in let’s say, early December, I think there could be probably 7 to 10 million tons of soybeans sold to China before the Brazilian harvest begins,” said John Baize, market analyst advising the U.S. Soybean Export Council. “We are never going to ship as many soybeans to China in my opinion, not like we did in the past. That’s because importers will be nervous about shipping to China [and] afraid [of] some conflict like this may occur in the future.”

Baize says the United States is shipping soybeans throughout the world but not at the same pace the U.S. would ship to China. Baize says the U.S. has shipped roughly 400,000 tons to China thus far in the marketing year last year that was 10 million tons.

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