"If the policy is beneficial, China may buy more"

According to Singapore's "Lianhe Zaobao" reported on the 21st, in the past two weeks, the world's largest soybean imported national country ordered up to 3 million tons of soybeans from Argentina. This figure was close to China ’s soybean imports from Argentina last year. In 2021, China imported about 3.75 million tons of soybeans from Argentina.

At present, American soybeans are in the harvest stage, and Argentina's "price reduction" measures may seriously impact the market's demand for American soybeans.

Reuters said on the 20th that the latest data released by the General Administration of Customs showed that China imported 6.25 million tons of soybeans from Brazil in August, far lower than 9.4 million tons of the same period last year. The bad weather has led to the decrease in Brazil's soybean production and exports, and the price is high, which limits China's interest in Brazil's soybean purchases. Chinese enterprises have begun to shift to other soybean production areas in the Americas.

The Lianhe Zaobao states that the Argentine government with tight funds has implemented a temporary pizza depreciation policy for soybean farmers, trying to drive the sales volume of soybeans. As farmers sell inventory, a large amount of low -priced soybeans have poured into the market. China has therefore greatly increased the purchase of soybeans in Argentina. The Central Bank of Argentina said on the 19th that it will tighten the temporary devaluation policy and "slow down the almost fanatic sales pace."

A subsidiary of COFCO Futures said that due to the changes in exchange rate policies, the import cost of Argentine soybean imports in October in October is about $ 200 per ton of US and Brazilian soybeans, which means that the purchase of Argentine soybeans can bring more benefits to enterprises.

People familiar with the matter said that the purchased soybeans will be loaded mainly 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.

According to Argentina's "Buenos Aires Times", the harvest of Brazil and the United States may be disappointing due to the occurrence of extreme weather events such as La Na. Victor Martin, a senior risk manager of the Brazilian market analysis company Hedgepoint, said that a large number of soybeans influx has increased the processing profits of beans. From the New Year of the Chinese Lunar New Year this year, Chinese companies are increasing procurement and expanding inventory.

Global Times reporter Pan Xiaotong

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