The Trump administration’s continuing trade rift with China has led the world’s top soybean importer to nearly triple its soybean purchases from Russia at the same time it has canceled several shipments from the United States.
Russia sold about 850,000 metric tons of soybeans to China from the start of the 12-month season in July through mid-May, according to Russia’s agriculture agency Rosselkhoznadzor. That’s more than during any season before and compares with about 340,000 tons sold during all of the previous period, Chinese customs data show.
Bloomberg reports that Brazil is slated to absorb much of the market share, though Russia will benefit as well.
Russian supplies make up less than 1 percent of the 97 million tons of soybeans that China is set to buy overseas this season, U.S. government data show. Russia is a net importer of the oilseed, the data show.