US losing out on China soybean sales as Brazil fills key supply period

U.S. soybean exporters risk missing out on billions of dollars worth of sales to China this year as trade talks drag on and buyers in the top oilseed importer lock in cargoes from Brazil for shipment during the key U.S. marketing season, according to traders. Chinese importers have finished booking soybean cargoes for September, taking around 8 million metric tons, all from South America, three traders told Reuters. For October, Chinese buyers have secured about 4 million tons – half of their expected requirement – also from South America, the traders said. “China’s heavy Q3 soybean purchases suggest the industry has built up inventories ahead of potential Q4 supply risks,” said Wang Wenshen, an analyst at Sublime China Information. Last year, Chinese oilseed importers bought around 7 million tons from the U.S. for shipments during the two months. The risk of a prolonged absence of Chinese purchases for the U.S. crop year starting in September amid unresolved trade tensions could ...