China poised for record July soybean imports on low prices and Trump trade fears

China is likely to import record volumes of soybeans in July, drawn by lower prices and the prospect of Donald Trump returning as president and reigniting trade tensions between Beijing and the US, which was once China’s top supplier of the oilseed. The world’s biggest soybean importer has booked higher volumes in recent weeks, traders and analysts said. “Chinese soybean importers are buying larger volumes as they are trying to protect themselves as much as they can from a possible increase in US tariffs if there is a trade war after US elections,” said Vitor Pistoia, an analyst at Rabobank in Sydney. However, the impact of any trade escalation is likely to be muted for Chinese soybean buyers given the plunge in market share for US beans that was triggered during Trump’s presidency. Trump administration tariffs on Chinese goods provoked retaliation from Beijing including a 25% duty on US beans, which forced oilseed processors to seek alternative South American cargoes, slashing US ...