China has accelerated purchases of Argentine soybeans, booking about 20 cargoes, or 1.3 million tons, since Buenos Aires scrapped export taxes earlier this week, traders said on Wednesday.
The surge makes Argentine beans more competitive and continues to erode U.S. market share, already hit by tariffs from the ongoing U.S.-China trade war.
Most of the shipments are scheduled for November, with around 20% tied to Argentina’s next harvest beginning in April.
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The sales include a mix of old and new crops priced at about $2 per bushel above the Chicago Board of Trade November contract, traders noted.
Argentina’s tax suspension, effective until October or until exports reach $7 billion, has also pushed Chinese soymeal futures lower.
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Analysts said China is likely to accelerate buying before the October 31 deadline, reducing its reliance on U.S. beans as crushing margins for Argentine supplies remain attractive.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
