Star Jennifer entered the Port of Dalian on Thursday
By Diego Flammini
Staff Writer
Farms.com
Another vessel carrying a load of U.S. soybeans has docked in a Chinese port.
Star Jennifer entered the Port of Dalian on Thursday afternoon after sitting in China’s cosat since July 24, Reuters reported.
The ship left Seattle on July 5 carrying more than 76,000 tons of U.S. soybeans, USDA shipping data shows.
The ship’s entrance into the port could indicate that the Chinese are preparing to unload its cargo.
Star Jennifer is the second U.S. vessel to dock in China since the country placed 25 percent tariffs on American soybeans. Last week, Peak Pegasus docked in the Port of Dalian with a 70,000-ton load worth about US$23 million.
China’s acceptance of U.S soybean shipments is great for producers, even though it may have an adverse effect on prices, said Jay Ferguson, a soybean producer from Brown City, Mich., and vice-president of the Michigan Soybean Association.
“I think China is going to buy our beans,” he told Farms.com today. “The bad thing is that prices are probably going to go way down before they buy a bunch. They might not buy any for a while then, when prices are low, they’ll buy three or four times what they normally would.
“We need to see US$10 (per bushel) beans before farmers can make money. Beans at US$8.50 aren’t good unless you have exceptional yields.”
The U.S. and China plan to meet later this month for a round of negotiations to diffuse the trade war.
Ferguson hopes U.S. officials can get a beneficial trade deal. Not just for farmers, but for the whole country.
“If there’s 100 boats leaving China each day to come to the U.S. with stuff and we’re only sending about four or five ships a day (to China), we have to try to even that out,” Ferguson said. “You can’t just keep shoveling money out if you’re not bringing any in.”
VesselFinder photo