World needs more U.S. wheat, China can hold off on U.S. soy: traders

GENEVA (Reuters) – The global grain market needs more U.S. wheat to make up for tightening supply in other major exporting zones, but China will be able to keep shunning U.S. soybeans in its trade tussle with Washington, grain merchants said on Wednesday. U.S. soybean shipments to China have dried up in recent months after Beijing raised tariffs on the most valuable U.S. agricultural export to the country. After sweeping up as much of Brazil’s last soybean crop as possible, an early start to the South American country’s next harvest should allow China to continue avoiding U.S. supplies for now, traders told the Global Grain conference in Geneva. Read more here