By Naveen Thukral and she cao
Chinese buyers of Singapore/Beijing (Reuters) have booked at least 10 soybeans in Argentina, three merchants told Reuters on Tuesday, taking advantage of the low prices to build inventories for the fourth quarter in the middle of Chinese commercial tensions -Stadunidenses.
The agreements followed the Argentine movement on Monday to temporarily eliminate export taxes on grains and their by -products, including soybeans, which makes their supplies more competitive in the global market.
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Panamax size shipments of 65,000 metric tons are scheduled for November, with CNF (cost and freight) prices cited with a $ 2.15- $ 2.30 premium by Bushel to the Chicago Commerce Board (CBOT) of November soy contract, two operators with direct knowledge of the matter said.
One of the merchants said that Chinese buyers had reserved 15 loads.
American farmers are being lost billions of dollars in soybeans to China in the middle of their main marketing season, since prolonged commercial conversations stop exports and rival South American suppliers led by Brazil step to fill the gap, merchants and analysts.
“These agreements were made last night after Argentina’s decision on the export tax,” said one of the merchants, who refused to be identified since the person was not authorized to talk to the media. “It clearly means that China does not need American beans.”
China has not yet bought US soybeans charges. Uu. Of its autumn harvest.
The Argentine Government said that the suspension of temporary grain taxes will last until October, or until the exports declared reach $ 7 billion, a measure that promoted the future soybeans under Tuesday.
As of 0207 GMT, the most active Daliano Dalianos futures in China fell 3.5% and Dalian soybean oil futures further fell 3.8%.
“The decrease in prices was mainly due to the elimination of Argentina’s grain export taxes yesterday, which made prices more attractive to Chinese buyers given the favorable crushing margins,” said Johnny Xiang, founder of pleasing Consulting based in Beijing.
“But it is likely that the impact of this news is of short duration, since the policy will last a little more than a month and the general supply of Argentina is limited,” he added.
(Naveen Thukral report in Singapore and she Cao in Beijing; edition of Tony Munroe and Kim Coghill)
(Tagstotranslate) Argentina
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