U.S. soybean exporters are facing what may be their busiest and most logistically challenging summer due to an unprecedented backlog of soybeans purchased by China that still needs to be shipped and widespread floods in the U.S. Midwest.
According to Reuters, while there is little hope for a prompt U.S.-China trade deal, some 7 million tonnes of U.S. soybeans were bought before talks broke down last month will need to be delivered to Beijing.
China would face steep penalties if it tried to cancel the orders.
