Russians are benefiting from President Donald Trump's trade dispute with China while U.S. soybean farmers are suffering from lost sales.
Bloomberg reported on Thursday that China nearly tripled its purchases of Russian soybeans, setting a record.
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.
Meanwhile, China has reportedly stopped buying U.S. soybeans after Trump announced tariffs on Chinese steel.
“Whatever they’re buying is non-U.S.,” Bunge Ltd. Chief Executive Officer Soren Schroder told Bloomberg last month. “They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S.”