Americans are looking new customers for their soybeans

Thursday, 22 August 2019 00:00 Written by  font size decrease font size decrease font size increase font size increase font size
Americans are looking new customers for their soybeans Photo By Gettyimages

A weekly report in the United States indicates that conditions for corn and soybean production in the country are deteriorating.

 

The National Agricultural Statistics Agency- NASS, has reported that only 26 percent of corn in Texas is harvested. The perception was up 51 percent last year, at the same time.

Because of the escalating trade war between Washington and Beijing, soybean producers in the United States are targeting new markets, as Chinese demand has dropped dramatically.

The world's two largest economies continue a long tariff war that lasted more than a year, and the tensions have swept both countries' markets and damaged prospects for global economic growth.

Commentators believe that China's purchase of US soybeans, which has fallen by one-third to date, has gradually stopped following these tensions.

Therefore, it seems that soybean producers in the US are looking to expand markets in areas such as Europe, Southeast Asia, Egypt, Bangladesh, and Pakistan.

Meanwhile, some experts believe that the United States will not be able to recover its soybean market from Brazil, which is trying to meet China's needs. On the one hand, although South America alone can’t meet China's needs, it should not be forgotten that India and Russia will certainly welcome China's demand for soybeans.

It should be noted that China is the largest soybean consumer in the world and accounted for 60% of US soybean exports before the mentioned stresses.

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