US soya bean futures sank to their lowest prices in more than a decade on Friday as US President Donald Trump said he was in no hurry to sign a deal to end the trade war with Beijing, a dispute that has slashed American exports of the oilseed to China.
US farmers had been hoping for a deal that would accelerate commodity purchases by China and help reduce massive stockpiles of American soy.The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of soya beans, corn and wheat, further pressuring the markets.The USDA is not factoring a resolution to the trade war into its projections, said Dan Cekander, president of DC Analysis.
China is the world's top soya bean importer. Until the trade war, it bought US$12 billion worth of the crop from US farmers each year. However, American shipments slowed after Beijing slapped a 25 per cent tariff on US soya beans last July as part of the trade war between the world's two largest economies.
Source: News Formal (newsformal.com)
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