China which is trying to cope with the resurgent pandemic with a zero covid policy may buy between 1 and 1.5 million tons of soybeans from Argentina under a renewed preferential exchange rate program for the soybean sector. According to S&P Global Platts deliveries of South American oilseeds to the Asian market will be scheduled for the next two months.
According to market participants, China expects to contract about 5.8 million tons of beans in January, but by now, work has been carried out only to import 30% of oilseeds from this plan.
Soybeans on a CFR basis in China traded at $625.38 per ton on Nov. 25, in line with the previous session.
In addition, an increase in soybean exports from Argentina could affect the prices of raw materials in the US and Brazil for supplies in the coming months, according to the market.
“US soybean exports are slow in the 2022/23 season (September-August) due to low water levels in the Mississippi River,” the report said.
Traders say the preferential exchange rate in Argentina is narrowing price competitiveness for US soybeans. At the same time, starting from February, the Brazilian oilseed new crop will begin to enter the world market, which will put additional pressure on the cost of the crop.
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