The U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, according to comments made on Sunday by U.S. Treasury Secretary Steven Mnuchin
Orders for nearly 1 million tonnes of U.S. soybean exports were cancelled last week, according to U.S. government data released on Friday, as cheap supplies from Brazil and trade tension with China made U.S. originated cargoes less attractive to buyers. According to the USDA buyers from an undisclosed destination cancelled 949,000 tonnes of U.S. soybean purchases. Of that total, 829,000 tonnes were for shipment before September, the largest one-time cancellation of soybean sales since December 2016. It is normal for the markets to see some cancellations in the US Spring when demand shifts to cheaper SOAM supplies – but the effect has been accelerated by the trade dispute and a significant fall in the value of the Brazil Real.
UkrAgroConsult on Monday raised its forecast for Ukraine’s 2018/19 grain harvest by 1.5% to 62.6 million tonnes, citing higher maize output.