China buys more Argentine soybeans as tax relief spurs trade

China bought at least 10 more cargoes of Argentine soybeans, taking advantage of a temporary break in the South American country’s export levies to stock up amid a trade war with the US, its second-largest supplier.   

Importers snapped up the shipments on Tuesday, mainly for loading in November, according to people familiar with the matter. That extends a buying spree prompted by Buenos Aires suspending export taxes on key crops including the oilseed.

In a sign that Beijing is once again using agriculture as leverage in its trade fight with Washington, China hadn’t booked a single US cargo as of September 11, almost two weeks into the new marketing season — the first time in records going back to 1999, according to data from the US Department of Agriculture.

More cargoes from Argentina will ease any potential shortfalls China might face toward the end of this year and into the first quarter of 2026, a period when the Asian nation typically relies on US shipments that dominate the market. 

Argentine shipments booked this week total at least 20 cargoes, or more than 1.3 million tons, said the people, who asked not to be identified because they’re not authorised to speak to media. Chinese importers are expected to keep booking vessels from Argentina as long as the surprise reduction in export levies remains in place, according to the people.