U.S. soybean exporters risk missing out on billions of dollars worth of sales to China this year as trade talks drag on and buyers in the top oilseed importer lock in cargoes from Brazil for shipment during the key U.S. marketing season.
Chinese importers have finished booking soybean cargoes for September, taking around eight million tonnes, all from South America.
For October, Chinese buyers have secured about four million tonnes — half of their expected requirement — also from South America.
Last year, Chinese oilseed importers bought around seven million tonnes from the United States for shipments during the two months.
The risk of a prolonged absence of Chinese purchases for the U.S. crop year starting in September amid unresolved trade tensions could add pressure on Chicago futures trading not far from five-year lows.
