Francisco Santillan, 55, a grains farmer from the heart of Argentina's soyb...
PERGAMINO, Argentina/CHICAGO - Francisco Santillan, 55, a grains farmer from the heart of Argentina’s soybean country, has two things on his mind: the rains and twists and turns in a bitter trade war between the United States and China that has hurt prices.
The United States and China, the world’s top soybean producer and importer respectively, have slapped import duties on hundreds of billions of dollars worth of each other’s products in their dispute. Tariffs made U.S. soybeans too expensive so Beijing stopped buying them, resulting in a glut that has hit soybean contracts in Chicago, the reference price for the global trade.
“I am waiting for a better price,” said Santillan, one of a group of farmers who spoke to Reuters among fields of green, knee-high soy plants in the country’s fertile Pampas, where the ground was damp from heavy rains. Delayed sales could hamper that. Just 16.2 percent of this season’s expected crop was sold by early March versus 30.5 percent at the same point a year earlier, government data show.
Bunge’s acting Chief Executive Gregory Heckman called Argentina “one of the larger wild cards” for the firm’s oilseeds business in 2019, and said the firm anticipated farmers would hold more of their soybeans as a hedge against inflation and currency fluctuations.
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