China to Buy Record Amount of Soybeans from U.S.
Total from U.S. will probably reach about 40M tons in 2020
China is set to buy a record amount of American soybeans this year as lower prices help the Asian nation boost purchases pledged under the phase-one trade deal, according to people familiar with the matter.
According to Bloomberg, soy futures in Chicago climbed to a seven-month high.
Bloomberg reports the total from the U.S. will probably reach about 40 million tons in 2020. That would be around 25% more than in 2017, the baseline year for the trade deal, and roughly 10% more than the record set in 2016, according to data from the U.S. Department of Agriculture.