China-Trade War/Soybean Impact

Trade war with US has limited impact on China's soybean market: experts

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Shotlist


FILE: Illinois, USA - Exact Time Unknown (CCTV - No access Chinese mainland)
1. Various of soybean field
2. John Kiefner, US soybean farmer, walking in field, examining soybean crop

Beijing, China - July 11, 2018 (CCTV - No access Chinese mainland)
3. SOUNDBITE (Chinese) Yu Xubo, president, China's COFCO International (partially overlaid with shot 4):
"The total value of U.S. soybean exports to China in 2017 was 13.9 billion U.S. dollars. Now American farmers have planted soybeans, and will start the harvest two or three months later. Once U.S. soybean farmers lose their market share in China, it is difficult for them to find alternative buyers in the short term. Trump's policy will make American soybean farmers suffer a loss of nearly 14 billion U.S. dollars,"
++ SHOTS OVERLAYING SOUNDBITE ++
FILE: Illinois, USA - Exact Time Unknown (CCTV - No access Chinese mainland)
4. Various of soybean crops; John Kiefner examining soybean crop
++ SHOTS OVERLAYING SOUNDBITE ++

FILE: Illinois, USA - Exact Time Unknown (CCTV - No access Chinese mainland)
5. John Kiefner examining soybean crop

Beijing, China - July 11, 2018 (CCTV - No access Chinese mainland)
6. SOUNDBITE (Chinese) Lu Xiaodong, vice president, China Grain Reserves Corporation (Sinograin)(partially overlaid with shots 7-8):
"Without U.S. soybeans, we can import soybeans from South America countries and countries along Belt and Road routes to meet our needs of reserves. At present, the soybean reserve , managed by the China Grain Reserves Corporation, are abundant. We have six reserve and processing bases across the country, which can process 8.5 million tons of soybeans annually. We can meet the regulatory requirements of the country at any time to ensure market stability."
++ SHOTS OVERLAYING SOUNDBITE ++
FILE: Iowa, USA - Nov 2017 (CCTV - No access Chinese mainland)
7. Various of harvester loading soybeans to truck

FILE: China - Date Unknown (CCTV - No access Chinese mainland)
8. Soybeans being hoisted at port, dumped into truck
++ SHOTS OVERLAYING SOUNDBITE ++

FILE: USA - Exact Date, Location Unknown (CCTV - No access Chinese mainland)
9. Various of machines harvesting soybeans
10. Various of machine pouring soybeans into container

Storyline


China-U.S. trade war will have limited impact on Chinese soybean market as the country may diversify its import channels of the crop, Chinese business leaders said on Wednesday.

As Washington's ill-advised tariffs against China took effect on July 6, China retaliated with tariffs on the same day. China's move is set to impact a slew of U.S. agricultural products and industries, including soybeans.

For many U.S. soybean farmers who are likely to bear the brunt of retaliatory tariffs, the decisions made by the White House can make the difference between prosperity or bankruptcy, because China is the top export market for U.S. soybeans.

"The total value of U.S. soybean exports to China in 2017 was 13.9 billion U.S. dollars. Now American farmers have planted soybeans, and will start the harvest two or three months later. Once U.S. soybean farmers lose their market share in China, it is difficult for them to find alternative buyers in the short term. Trump's policy will make American soybean farmers suffer a loss of nearly 14 billion U.S. dollars," said Yu Xubo, president of China's state-owned foodstuff conglomerate COFCO Corp.

To reduce the risks of international trade, China has adjusted structure of soybean imports this year, cutting the U.S. share and increasing shares from South American countries, especially Brazil, another main global soybean supplier.

China also removed tariffs on soybean imports from Asian countries to further diversify its import sources.

Tariffs on soybean imports from India, Bangladesh, Laos, Sri Lanka and other countries have been lowered to zero from three percent since July 1 this year.

According to food giant China Grain Reserves Corporation (Sinograin), 70 percent of its total soybeans imports in 2017 came from Brazil and Argentina.

"Without U.S. soybeans, we can import soybeans from South America countries and countries along Belt and Road routes to meet our needs of reserves. At present, the soybean reserve , managed by the China Grain Reserves Corporation, are abundant. We have six reserve and processing bases across the country, which can process 8.5 million tons of soybeans annually. We can meet the regulatory requirements of the country at any time to ensure market stability," said Lu Xiaodong, vice president of China Grain Reserves Corporation.

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  • ID : 8085293
  • Published : 2018-07-12 21:36
  • Last Modified : 2018-07-12 21:38:19
  • Location : Beijing,China
  • Category : economy, business and finance
  • Duration : 1'34
  • Audio Language : Chinese/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 3
  • ID : 8085293
  • Published : 2018-07-12 20:39
  • Last Modified : 2018-07-12 21:38:18
  • Location : Beijing,China
  • Category : economy, business and finance
  • Duration : 1'34
  • Audio Language : Chino/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No acceso a la parte continental de China
  • Version : 3
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