阿根廷大豆免税七天，中国买走130万吨，全球粮价谁说了算？

Core Insights - Argentina's Ministry of Economy announced a temporary exemption of export taxes on major grains like soybeans, corn, and wheat to boost foreign reserves amid a depreciating peso and rising inflation [1] - Chinese buyers quickly responded to the policy, securing significant soybean purchases, indicating a shift in global grain trade dynamics where China's demand is becoming more influential [3][5] - The reliance on the Chinese market is growing, with increasing transactions being settled in RMB, reflecting a diversification of trade relationships and payment methods [3][7] Group 1 - Argentina's export tax exemption was a short-term measure to address dwindling foreign reserves, with the peso losing 12% in a month and inflation reaching 65% [1] - Major Chinese companies like COFCO and Yihai Kerry swiftly ordered 1.3 million tons of soybeans, accounting for over one-third of China's monthly imports, showcasing China's strong purchasing power and diversified sourcing strategy [3] - The use of RMB in transactions is increasing, with 35% of soybean trade between China and Argentina settled in RMB this year, up 12 percentage points from last year, indicating a shift away from USD reliance [3] Group 2 - The U.S. is concerned about China's lack of soybean purchases from the U.S. in September, prompting the U.S. Soybean Association to seek long-term contracts and subsidies to maintain market share [5] - Argentina's soybeans are priced lower than U.S. and Brazilian soybeans, making them more attractive to Chinese buyers, which reflects a changing competitive landscape in global grain trade [5] - The recent events highlight a transformation in global grain trade rules, where China's demand is increasingly dictating market dynamics, and both Argentina and China are seeking to maintain flexible and diversified trade relationships [7]