November 20, 2009

USA Soybean Exports to China Surge 42.85%

"Chinese demand seems insatiable" according to a US broker and data from the US Agriculture Department reveal that year-on-year exports of soybeans to China rose almost 6 million metric tons in October. China is by far the largest market for American soybeans. Last year China moved ahead of the EU as the USA's number 4 agricultural export destination. China has consistenly been one of the top 10 markets for US agriculture since 1994.

Brazil is expected to significantly ramp up production and export of soybeans over the medium term. Chinese soybean imports are expected to account for 40% of global demand by 2011 (see graph). If the tit-for-tat trade spats with China continue America could lose a valuable export market to Brazil....

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