USDA trade data for June show that U.S. soybean sales are already shifting sharply away from China to the European Union.
More than 589,000 metric tons of soybeans were shipped to the EU in June, compared to just over 184,000 tons for the same month a year ago. EU was the top destination for US soybeans in June, well ahead of No. 2 Mexico, even though the Mexicans also increased their imports substantially, from 322,000 last year to more than 485,000 tons this June.
Also of note: Pakistan imported nearly 396,000 tons of U.S. soybeans in June, making it the No. 3 destination. Pakistan didn’t import any U.S. soy in June 2017.
By contrast, U.S. soybean exports to China fell from 354,000 tons in June 2017 to about 271,000 tons this June. China imposed a 25 percent tariff on U.S. soybeans starting in July.
By the way: China reduced its soybean imports from all sources in July amid a rise in domestic stocks, according to Reuters. Chinese imports were down 8 percent from June.
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