China’s soybean processors are snapping up record volumes of Brazilian cargoes for shipment in the fourth quarter, curbing purchases of U.S. crops in North America’s peak marketing season as the trade war between Washington and Beijing intensifies.

 

That shift away from U.S. beans by China, which takes more than 60 percent of the commodity traded worldwide, will pile further pressure on benchmark Chicago Board of Trade prices Sv1 after they plumbed 10-year lows last week.

 

China in July imposed a retaliatory 25-percent import duty on U.S. soybeans as part of the tit-for-tat trade dispute between the world’s top two economies, conflict that gathered steam this week with the introduction of fresh tariffs on other products.

 

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