July 2, 2019
China orders more 544,000 tonnes of US soybeans, according to USDA
Prior to the meeting between US President Donald Trump and Chinese President Xi Jinping at the sidelines of the G20 meeting in Osaka, Japan, the US announced an order from China for more than half a million tonnes of US soybeans, South China Morning Post reported.
The order, according to the USDA, is 544,000 tonnes and would be the largest sale to China since it ordered 828,000 tonnes of soybeans from the US on April 1. As a result of the ongoing US-China trade war, soybean farmers are one of most impacted US industry groups.
The value of China's US soybean imports declined by three-quarters last year to US$3.13 billion from US$12.23 billion in 2017, according to US Census Bureau data.
As of May 30, outstanding sales and accumulated exports of US soybeans to China in the current marketing year, which ends on August 31, totalled 13.6 million tonnes compared with 28.7 million tonnes a year ago, according to government data.
USDA estimates also identify China as the leader in global soybean imports at 58% of trade, though that is down from a peak of 65% in the 2016-17 marketing year. The country's soybean imports are projected to be 87 million tonnes in the current marketing year.
- South China Morning Post