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China Continues Ramping Up U.S. Soy Purchases
USAgNet - 08/14/2020

As soybean supplies dwindle in Brazil, China shifts to purchasing more U.S. soybeans at a competitive price.

Bloomberg reports that China imported its second-ever highest number of soybeans in July and the trend is expected to continue, likely leading to a boost in U.S. soybean imports through the fourth quarter.

John Baize, an analyst for USSEC, told Agri-Pulse this week that China needs the soybeans to rebuild its swine herd, which was devastated by African swine fever this past year. Baize said he expects the buying to continue through January before Brazil's next harvest, as the U.S. has the supply and the cheaper price.

Larry Kudlow, the director of the White House’s National Economic Council, said this week that the U.S. China Phase 1 deal is in “fine” shape despite continued tension between the two countries.

According to Reuters, Kudlow cited “really good numbers” during a briefing at the White House, adding that the one area the countries are engaging in is trade.

Although the current pace of China’s agricultural purchases is below the initial goal agreed upon in Phase 1, American growers remain optimistic that the Chinese will accelerate their exports and meet its goals, bolstering the U.S. ag markets.

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