China increases the purchase of Argentine soybeans

Reference News Network reported on September 22. According to the Singapore "United Zaobao" website reported on September 21, the world's largest soybean import country has greatly increased the number of purchases of Argentine soybeans. Argentina implemented a currency depreciation policy for farmers earlier this month. The sales volume of soybeans greatly increased.

According to Bloomberg, people familiar with the matter revealed that in the near future, China ordered up to 3 million tons of soybeans. This import volume is almost close to China's total imports from Argentina last year (about 3.75 million tons).

It is reported that earlier this month, the Argentine government with tight funds implemented a temporary pizza depreciation policy for the soybean industry. As farmers sold their inventory, a large number of low -cost soybeans poured into the global market. The Argentine Central Bank said on Monday that the exchange rate control of soybean exporters will be tightened, and the remaining time of the nearly fanacious sales may be slowed down this month.

According to Chinese companies, due to changes in exchange rate policies, the import costs for delivery of Argentine soybeans in October are cheaper than US and Brazil's soybeans. Therefore, processing Argentina soybeans in China can bring more benefits.

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.

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