China 'heated up' world agricultural raw material prices in the past year

Soybean

Wheat

China

Market & Price Trends

Published Jan 16, 2024

Tridge summary

In the second half of 2023, the prices of soybean and wheat contracts on the Chicago Board of Trade fluctuated and increased due to China's sudden large purchases of agricultural goods, including 100.85 million tons of soybeans in the 2022-2023 crop year. China's demand has also affected the international agricultural market, with Vietnam's animal feed businesses facing increased difficulties in dealing with cost accounting due to the price shocks. China's influence on soybean prices will also impact Vietnam as it is a major importer of soybeans from both Brazil and the US, the two largest suppliers to Vietnam.

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Original content

Source: nhandan.vn Illustration photo. (Source: Reuters) According to records from the Vietnam Commodity Exchange (MXV), in the second half of 2023, the prices of soybean and wheat contracts listed on the Chicago Board of Trade (CBOT) fluctuated strongly and exceptionally. tends to increase in the fourth quarter... The above "hot price" movement is due to China - the world's leading agricultural import market - suddenly purchasing large quantities of goods at the end of 2023. China dominates imports. international agricultural exports "Previously, in the July-August period, world soybean and wheat prices tended to weaken. Seizing this opportunity, from the fourth quarter, Chinese importers took advantage of it" "massively collect goods". Immediately, the market reacted when the prices of these commodities reversed and skyrocketed," said Mr. Pham Quang Anh, Director of the Vietnam Commodity News Center. Director of Vietnam Commodity News Center Pham Quang Anh. Until now, China is ...

Source: AgroInfo.vn