AsianFin -- Chinese importers have booked at least 10 cargoes of soybeans from Argentina, according to three traders who spoke to Reuters on Tuesday. The purchases come as buyers take advantage of low prices to build inventories for the fourth quarter amid ongoing Sino-U.S. trade tensions.
The surge in purchases follows Argentina’s move on Monday to temporarily remove export taxes on grains and their by-products, including soybeans. The policy change makes Argentine supplies more competitive on the global market, attracting interest from major buyers such as China, the world’s largest importer of soybeans.
Traders noted that the removal of export levies has narrowed the price gap between Argentine and U.S. soybeans, prompting Chinese buyers to accelerate bookings ahead of the end of the year. The deals are part of broader efforts by China to secure stable supplies of key agricultural commodities amid geopolitical uncertainty and trade negotiations with the United States.
The Argentine government’s temporary tax exemption is expected to stimulate additional exports in the coming months, potentially reshaping trade flows in the global soybean market.
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