1467

Views

Soybean Ship Docks in Dalian

soybeans

By MarEx 2018-08-12 18:15:59

Peak Pegasus, the ship that has been waiting off China's coast for over a month with her cargo of soybeans, has docked in Dalian.

Reuters reports that the vessel docked on Saturday with her cargo of 70,000 tons of U.S. soybeans. Two other vessels with U.S. soybeans have also been sitting off China for several weeks.

The vessels have been caught in the escalating trade war between China and the U.S. The U.S. imposed a 25 percent tariff on $34 billion of Chinese goods on July 6. Most recently, China's Ministry of Commerce announced 25 percent tariffs on $16 billion in imports of goods from the U.S. starting on August 23. The move came after the U.S. announced 25 percent tariffs on $16 billion in Chinese goods starting the same day, a move that China's Ministry of Commerce says unreasonably puts domestic law above international law.

Soybeans are the top agricultural commodity that China imports from the U.S. by far, reports Bloomberg. The oilseed is used to make cooking oil and animal feed and accounts for about 60 percent of the U.S.’s $20 billion of agricultural exports to China.