In the grains hub of Rosario on the banks of Argentina's Parana River, the ...
ROSARIO, Argentina/CHICAGO - In the grains hub of Rosario on the banks of Argentina’s Parana River, the local soy crushing factories are feeling the chill of a trade war between the United States and China.
Those shifts have far-reaching consequences. In this case, Beijing imposed retaliatory tariffs on U.S. sales of soybeans, which, in turn, stranded millions of tonnes of soybeans in the United States, pushing down prices. That has made it more economical to crush the beans and export soymeal to Southeast Asia - undercutting Argentina’s industry in the process.
“U.S.-China trade tensions have had one effect in the United States and the opposite effect in Argentina,” Emilce Terre, research head at the Rosario grain exchange, told Reuters. “We are seeing more exports of raw beans to the detriment of value-added soymeal and soyoil production.” In Rosario, where soybeans are crushed into soymeal and loaded on ships along the river, some 250 processing jobs have been lost over recent months, said Federico Calderon, an official with the Rosario Soy Crushers Union.
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