The companies, which received a fresh 1.8 million-tonne quota from Beijing to import US beans free of retaliatory tariffs, have been seeking soy every day so far. That is likely because they want to rush through orders in case trade talks between Washington and Beijing fail and imports are halted, said Darin Friedrichs, a senior analyst at INTL FCStone’s Asia commodities division. Chinese firms were issued tariff waivers in July as Beijing offered Washington an olive branch, only to see shipments stopped about a month later after talks fell apart. Margins on crushing US soybeans in China are higher than those of rival Brazil thanks to the lower prices of US soy when retaliatory tariffs are removed. Prices climbed 0.9 percent to US$17,790 a ton in London, adding to a 66 percent gain this year.

Source: Taipei Times October 05, 2019 15:56 UTC