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ADM Optimistic China Will Hit Phase 1 Target

Country has accelerated purchases of U.S. soybeans since late April

China usa

Archer Daniels Midland Co. (ADM) remains optimistic that China will meet its Phase 1 trade deal farm product purchase commitments despite the slow pace of buying so far and recent criticism of China by President Trump, reports Reuters.

Lower commodity prices due to the coronavirus pandemic may limit the value of China’s first year U.S. agricultural product purchases, “but it’s a two-year agreement,” ADM CEO Juan Luciano said during the virtual BMO Capital Markets Global Farm to Market Conference on Wednesday.

China has accelerated purchases of U.S. soybeans since late April after actively buying mostly Brazilian soybeans in recent months.

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