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China to Buy Record Amount of Soybeans from U.S.

Total from U.S. will probably reach about 40M tons in 2020

Cargo export photo cred david dibert

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.

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