消息人士：六年来，中国首次采购阿根廷豆粕

Group 1 - Multiple Chinese feed manufacturers have signed an agreement to purchase 30,000 tons of Argentine soybean meal, marking the first order since the 2019 agreement allowing Argentine soybean meal imports into China [1] - The transaction price for the soybean meal is set at $360 per ton (including cost and freight), with expected delivery to Guangdong, China, in September [1] - This order is viewed as a "test case" for future transactions, contingent on passing China's inspection and quarantine [1] Group 2 - China is the world's largest consumer of soybean meal, while Argentina is the largest exporter of soybean oil and meal [1] - Historically, China has relied on reprocessing imported soybeans, primarily from Brazil and the United States, rather than direct soybean meal imports [1] - In 2024, China's total soybean meal imports are projected to be around 30,000 tons, with Denmark being the main source, and no previous records of bulk purchases from Argentina [1] Group 3 - The recent order from Argentina is seen as a strategic move by China to diversify its agricultural imports amid ongoing trade tensions with the U.S. [3] - The lower price of Argentine soybean meal compared to domestic options has facilitated this transaction [3] - Since the trade disputes began, Brazil has replaced the U.S. as China's largest soybean supplier, with U.S. market share dropping from 40% in 2016 to 18% in 2024 [3] Group 4 - In recent months, Chinese importers have significantly increased purchases of Brazilian soybeans, with at least 2.4 million tons bought in a short period, representing about one-third of China's monthly soybean crushing capacity [4] - In May 2025, Brazil's soybean exports to China reached 12.11 million tons, a 37.5% year-on-year increase, marking the highest volume since 2005 [4] - The ongoing trade disputes have led to uncertainty regarding U.S. soybean shipments to China, with nearly 600,000 tons sold but not yet shipped [4]