The world’s biggest importer of soybeans, China, almost tripled soybean purchases from Russia amid a growing trade dispute with the U.S.
A Bloomberg report says Russia sold approximately 850,000 metric tons over the most recent twelve-month season. That compares to 340,000 tons sold during the previous period. China has already canceled several soybean purchases from the U.S. in anticipation of American tariffs on Chinese products. Brazil was expected to take much of the American share of the market, but Russia is also clearly benefitting.
U.S. government data shows that Russian production is set to make up less that one percent of the 97 million tons of soybeans that China is set to buy overseas this season. The data shows Russia as a net importer of soybeans. Russian soybean plantings in the far eastern part of the country, the area closest to China, probably won’t change much during the upcoming season. However, the number of acres are expected to grow by as much as 20 percent over the next two-to-three years.