US Expects China to Buy Double-Digit Billions in Farm Goods Over 3 Years
Updated
Updated · Reuters · May 15
US Expects China to Buy Double-Digit Billions in Farm Goods Over 3 Years
8 articles · Updated · Reuters · May 15
Jamieson Greer said Washington expects China to agree after the Trump-Xi Beijing summit to buy double-digit billions of dollars in U.S. agricultural goods annually over the next three years.
The expected package appears to build on last October's 25 million-metric-ton soybean commitment, which traders and analysts said alone is worth more than $10 billion.
Greer said China has been meeting that soybean pledge, but he expects most additional buying later this year, a timing traders read as limiting purchases of old-crop U.S. beans.
Markets had not expected Beijing to raise the 25 million-ton soybean target, and traders are still watching for tariff cuts that could bring private Chinese crushers back into the U.S. market.
Why did soybean markets fall sharply after the new multi-billion dollar U.S.-China farm deal was announced?
Is China's new farm deal a real commitment or a tactic for its long-term food self-sufficiency goal?