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Crushing it: Argentine farmers cheer China soymeal deal while U.S. growers fret
Source: Reuters
BUSINESS NEWS SEPTEMBER 11, 2019 / 10:43 AM / UPDATED 15 MINUTES AGO
Crushing it: Argentine farmers cheer China soymeal deal while U.S. growers fret
Hugh Bronstein, Tom Polansek
5 MIN READ
BUENOS AIRES/CHICAGO (Reuters) - Argentine soy farmers and crushers expect a boost in demand next year after the South American grains giant won long-sought approval from China to export soymeal to the world’s biggest consumer of the livestock feed.
Argentina, the top international supplier of soymeal, announced on Tuesday that China would allow imports for the first time following decades of talks. It was a breakthrough amid a whipsawing trade war between Washington and Beijing that has hit U.S. growers.
The deal, formalized in Buenos Aires on Wednesday, paves the way for Argentine farmers and soy processors to send shipments to China from early 2020 once required plant approvals and registrations have been made, a fillip for the world’s dominant soymeal producer.
“This news is huge for our country given the magnitude and potential of the new market,” the Rosario grains exchange said. The majority of Argentina’s soy is grown and crushed in the area around Rosario, on the banks of the Parana River.
“(It) will allow exports to the Asian country to kick in effectively from next year.”
-snip-
Crushing it: Argentine farmers cheer China soymeal deal while U.S. growers fret
Hugh Bronstein, Tom Polansek
5 MIN READ
BUENOS AIRES/CHICAGO (Reuters) - Argentine soy farmers and crushers expect a boost in demand next year after the South American grains giant won long-sought approval from China to export soymeal to the world’s biggest consumer of the livestock feed.
Argentina, the top international supplier of soymeal, announced on Tuesday that China would allow imports for the first time following decades of talks. It was a breakthrough amid a whipsawing trade war between Washington and Beijing that has hit U.S. growers.
The deal, formalized in Buenos Aires on Wednesday, paves the way for Argentine farmers and soy processors to send shipments to China from early 2020 once required plant approvals and registrations have been made, a fillip for the world’s dominant soymeal producer.
“This news is huge for our country given the magnitude and potential of the new market,” the Rosario grains exchange said. The majority of Argentina’s soy is grown and crushed in the area around Rosario, on the banks of the Parana River.
“(It) will allow exports to the Asian country to kick in effectively from next year.”
-snip-
Read more: https://www.reuters.com/article/us-argentina-soyproducts-china/crushing-it-argentine-farmers-cheer-china-soymeal-deal-while-u-s-growers-fret-idUSKCN1VW21E
3 replies
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