For the second day in a row, private exporters reported the sale of U.S.-grown soybeans for delivery to China, said the USDA on Tuesday. Since July 14, Chinese companies have purchased 1.3 million tonnes of American soybeans and 1.9 million tonnes of U.S. corn amid rising tensions between the two economic superpowers.
The latest purchase of 126,000 tonnes of soybeans followed the report on Monday of a 132,000-tonne sale. By law, exporters are required to report promptly the sale of 100,000 tonnes or more of major US commodities.
Most of the recent sales call for delivery of corn and soybeans during the marketing year that opens on September 1, meaning the exports could occur this fall or in the new year. China agreed in the “phase one” China-U.S. trade deal to buy $36.6 billion of U.S. food, agricultural, and seafood products this year.
U.S. trade representative Robert Lighthizer said a month ago that he expects China will meet that target by making large purchases in the final months of this year. China imported $7.5 billion of US food and ag products in the first five months of the year, one-fifth of the 2020 target.