China needs "explosive" buying to meet US farm import target
published 30.07.2020 11:10
With bilateral relations in turmoil, China may want to avoid making itself a bigger target for criticism from U.S. President Donald Trump during the U.S. election campaign by failing to make big agricultural purchases.
Soybeans typically account for about half of China's U.S. farm imports and the vast bulk of buying comes in the last three months of the year when supplies from top grower Brazil dry up.
Still, Chinese buyers stepped up purchases this year of a range of farm imports, sealing record deals in corn and meat imports, prompting some optimism.
Beijing and Washington sealed their Phase 1 trade deal in January after two years of acrimony and a steep slump in imports by one of the biggest buyers of U.S. agricultural goods.
BEIJING/CHICAGO: With nearly seven months gone, an ambitious US$36.5 billion target for Chinese imports of U.S. farm goods this year may not be quite out of reach, but it's looking like a big, big stretch.