September 4, 2018 / 8:23 AM / 2 months ago

China soybean imports from U.S. to plunge in 2018/19 -Jiusan exec

HARBIN, China, Sept 4 (Reuters) - China will almost entirely replace its soybean imports from the United States with Brazilian beans and other origins in the upcoming season, but may run out of the oilseed in early 2019, said an executive with a top crusher on Tuesday.

His forecast was one of the most bearish yet on the impact of the Sino-U.S. trade war for American farmers.

Imports from the United States, typically China’s No. 2 supplier, will plunge to just 700,000 tonnes in the 2018/19 season starting this month, said Guo Yanchao, deputy chairman of Jiusan Group.

That compares with 27.85 million tonnes of U.S. soybeans imported in the prior year.

Imports from Brazil will jump to 71.06 million tonnes, with the rest coming from Argentina, Canada, Russia and other countries, Guo told an industry conference.

But supplies could run out by February or March next year, he warned, when Brazilian beans will be limited.

Reporting by Hallie Gu and Dominique Patton; Editing by Tom Hogue

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