Bunge Ltd. CEO Soren Schroder told Bloomberg on Wednesday China has essentially stopped buying U.S. supplies amid the brewing trade war. Bunge is the world’s biggest oilseed processor.

“They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S.” It’s “very clear” that the trade tensions have already stopped China from buying U.S. supplies, Schroder said. “How long that will last, who knows? But so long as there is this big cloud of uncertainty, that’s likely to continue.”

Bunge has still been able to meet Chinese demand by filling shipments with supplies from outside the U.S., Schroder said. The White Plains, New York-based company has a large presence in South America.

Soybean Price

The futures symbol for soybeans is "ZS". A chart shows the price of soybeans peaked in summer of 2012 near $1790.

Since bottoming in September of 2014, the price has mostly flatlined between $900 and $1,050.

RECOMMENDED ARTICLES

It appears that the lack of Chinese buying US soybeans has neither hurt nor helped US farmers. But the dispute not done a damn thing for the deficit either.

At best, China's soybean retaliation has made the US the deficit with China worse while improving it by the same degree elsewhere.

Trump Playing With Fire

President Trump is playing with fire. He has started a trade war on multiple front simultaneously: China, the EU, NAFTA (Canada and Mexico).

Nothing good can possibly come from this. For discussion, please see Germany Seethes and Juncker Warns Trump About Tariffs: Can Trump Win?

Mike "Mish" Shedlock

Iran Replaces China as Top Importer of US Soybeans

Thanks to Trump's tariffs, China all but stopped importing US soybeans. Iran picked up much of the volume, cheaply too!

China Pledges US Buying Spree to Reduce Trade Surplus With US to Zero By 2024

China pledges to buy over $1 trillion in US goods and services by 2024 to eliminate the trade gap with the US.

Trump Asks China to Shift Soybean Tariffs to Something Else

As part of a trade deal, the US and China will both keep $50 billion in tariffs. Trump asked China to shift tariffs.

China's Global Trade Surplus Expected to Go Negative, US Not the Beneficiary

China's trade surplus with the rest of the world is shrinking at a fast pace, just not with the US.

China Halts All US Ag Imports, Trump Accuses China of Currency Manipulation

It didn't take long for China to retaliate against Trump's trade war escalation. It did so by halting all US ag imports.

China Posts Largest-Ever Annual Trade Surplus with US: What's it Mean?

China posted a $275.8 billion trade surplus with the US in 2017, even though its overall surplus shrank. What's next?

No Price Movement in Soybeans After Trump's Amazing Deal

Soybeans are like the dog that did not bark. There has been no price movement since Trump's trade truice with China.

China Says US is Not Sincere and "Import Tariff Cuts Not a Concession to Trump"

Trump thanked China's concessions in a Tweet. In response, Xi essentially slapped Trump in the face.

More Tariffs on China: 1,300 Product Categories

Trump is stepping up his attack on China. Us consumers and businesses will pay the price.