According to data released by the General Administration of Customs of China on December 21, China imported 1.15 million tons of soybeans from Argentina in November, significantly higher than the 160,987 tons in October, and an increase of 17.8% over the same period last year.

The reason for the increase in imports is that Chinese buyers set off a frenzy to purchase Argentine soybeans in September and October, because the quotations of Argentine soybeans were significantly cheaper than those of competitors Brazil and the United States at that time.

Since the Argentine government implemented the soybean dollar policy in September, it set the exchange rate of soybeans at 200 pesos to 1 US dollar, while the official exchange rate was around 140 pesos at that time, which helped to attract Argentine farmers to sell 13.9 million tons of soybeans in a month.

With the introduction of the soybean dollar policy by the Argentine government, Chinese buyers increased their purchases of Argentine soybeans.