Global grain and oilseed markets

Last week, the soybean market came under pressure due to low demand for American products from China due to retaliatory tariffs in the trade war between Beijing and Washington. American farmers growing soybeans lost the ability to supply them to China, their main export market, during this harvest season, as Beijing's retaliatory tariffs made their products excessively expensive for Chinese buyers. After Buenos Aires temporarily suspended export tariffs on grain this week, about 40 batches of Argentine soybeans intended for export, mainly to China, were registered in November and December, two traders told Reuters. These purchases directly eat into the main sales season in the U.S. Argentina restored export tariffs on Thursday. When asked if China would buy American soybeans, a representative of China's Ministry of Commerce stated that Washington should lift tariffs on Chinese products, which Beijing considers unjustified. Basis rates for soybeans and corn shipped by barge to ...