US EditionUSDA Data Casts Doubt on China’s Soybean Purchase Promises Touted by Trump
Since the summit, China has bought only 332,000 metric tons of U.S. soybeans amid high tariffs and ample South American supplies, USDA data shows.
- On Friday, the U.S. Department of Agriculture released data showing only two Chinese purchases of U.S. soybeans since the summit in South Korea, totaling 332,000 metric tons.
- Those touted commitments arise from the 2020 U.S.-China trade agreement that promised massive buys, but recorded purchases fall far short of 12 million metric tons by January and 25 million metric tons per year.
- Soybean prices dropped 23 cents to $11.24 per bushel Friday as markets reacted, and Tanner Ehmke, CoBank lead economist, said China has plenty of soybeans from Brazil and other South American suppliers and U.S. beans remain more expensive due to a tariff at about 24%.
- The White House did not immediately respond to questions about the lack of Chinese purchases, and American farmers face soaring fertilizer, seed, equipment and labor costs, with Caleb Ragland warning thousands could go out of business without aid.
- Analysts note Brazil supplied over 70% of China’s imports last year while the U.S. share fell to 21%, and Beijing bought more than $12.5 billion of nearly $24.5 billion in U.S. soybeans but only reached `consensus` on expanding trade.
39 Articles
39 Articles
Associated Press News
USDA data casts doubt on China's soybean purchase promises touted by Trump
New data the Agriculture Department released Friday created serious doubts about whether China will really buy millions of bushels of American soybeans like the Trump administration touted last month.
Farmers cautious about China following through on soy commitments
Some farmers say they are being cautious in their assessment of the U.S.-China trade framework. Ray Gaesser is a corn and soybean farmer in southwest Iowa… “Glad to see that there’s somewhat of an agreement with China,” he said. “We don’t know how well they will follow through. We just need to utilize the crops […] The post Farmers cautious about China following through on soy commitments appeared first on Brownfield Ag News.
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