BEIJING, CHINA — Chinese importers committed to US soybean purchases after the commodity price fell due to the COVID-19 pandemic, Reuters reported.
On April 22, the US Department of Agriculture (USDA) reported an export sale of 198,000 tonnes of soybeans for delivery to China during the 2019-20 marketing year. The marketing year for soybeans began Sept. 1.
In January 2020, the United States and China signed a trade agreement where China agreed to increase purchases of US agriculture goods.
Even with the agreement, US soybean purchases from China remain low as Argentina and Brazil’s harvest continue to supply the global market, Reuters said.
Since the start of the soybean marketing year China pledged to purchase 12.623 million tonnes of soybeans compared to 12.922 million in the previous year, Reuters said.
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