China Buying Major Soybean Tonnage from Russia
China, the world’s biggest Soybean importer, almost 3X’s purchases from Russia during this current trade dispute with the US, the world’s biggest producer of the Oil seed.
Russia sold about 850,000 tonnes of Soybeans to China in MY 2016-2017, according to Russia’s agriculture agency. That is more than during any season before and compares with about 340,000 tonnes sold during all of the prior frame, Chinese customs data show.
Russian supplies make up less than 1% of the 97-M tonnes of Soybean that China is set to buy overseas this season, USS government data show. Russia is a net importer of the Oil seed, the data show.
Russian Soybean plantings in the far east, the region nearest China, will probably remain little changed during the next season, at about 1.4-M hectares, said an agriculture analyst at the Institute for Agricultural Market Studies in Moscow. They may expand by as much as 20% during the next 2-3 years, he said.