China delays new soybean purchases as high Brazilian premiums deter buyers – traders

window. Recent large purchases from Argentina have covered supplies through November, while U.S. beans remain effectively out of reach amid renewed trade tensions between Washington and Beijing. “China is not buying U.S. soybeans because of the trade war, and Brazilian beans are too expensive,” said one oilseed trader from an international firm supplying agricultural products to China. Market participants expect the government may rely on its soybean reserves until the arrival of South America’s new crop early next year. Brazilian soybean premiums remain high at around $2.8–$2.9 per bushel above the November Chicago soybean contract, compared with roughly $1.7 for U.S. cargoes. Negative crush margins have further reduced incentives for Chinese processors to secure December–January shipments, a Shanghai-based trader said. Hopes are pinned on Brazil’s 2025/26 harvest, expected to reach a record 177.64 million tons, about six million more than the previous year, according to crop ...