Jim Young/Reuters
- Soybean prices slipped 0.61% Thursday morning.
- That's after Bloomberg reported that China has essentially turned to other countries for its soybeans.
- Follow soybean prices in real time here.
Soybean prices fell Thursday on the back of news that China has effectively halted US orders of the legume amid a trade standoff between the world's largest economies.
Soybean was down 0.61% to $10.26 a bushel at 10:30 a.m. ET, following a report that China is turning to other countries for soybeans.
Bloomberg's Mario Parker reported Wednesday that the CEO of the world's largest oilseed producer said orders from China have essentially disappeared.
"Whatever they’re buying is non-U.S.," Soren Schroder, CEO of oilseed processor Bunge, told Parker. "They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S."
Retaliatory duties recently rolled out by the Chinese government are to blame, he said. Beijing imposed a 25% tariff on US soybeans in April, after the US announced tariffs on billions of dollars of Chinese goods.
The news comes right as the two countries begin trade talks. Chinese President Xi Jinping's economic adviser, Vice Premier Liu He, is meeting with White House trade officials in Beijing on Thursday and Friday.
Soybeans prices are up 6.94% over the year.
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