By Naveen Thukral and Ella Cao
SINGAPORE/BEIJING (Reuters) -Chinese buyers have booked at least 10 cargoes of soybeans from Argentina, three traders told Reuters on Tuesday, taking advantage of low prices to build inventories for the fourth quarter amid Sino-U.S. trade tensions.
The deals followed Argentina’s move on Monday to temporarily remove export taxes on grains and their by-products, including soy, making its supplies more competitive in the global market.
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The Panamax-sized shipments of 65,000 metric tons each are scheduled for November, with CNF (cost and freight) prices quoted at a premium of $2.15-$2.30 per bushel to the Chicago Board of Trade (CBOT) November soybean contract, two traders with direct knowledge of the matter said.
One of the traders said Chinese buyers had booked 15 cargoes.
U.S. farmers are missing out on billions of dollars of soybean sales to China halfway through their prime marketing season, as protracted trade talks halt exports and rival South American suppliers step in to fill the gap, traders and analysts said.
(Reporting by Naveen Thukral in Singapore and Ella Cao in Beijing; Editing by Tony Munroe and Kim Coghill)
The post Exclusive-Chinese buyers book at least 10 Argentine soybean cargoes, sources say appeared first on Reuters.
