Tridge summary
China is making significant strides in meeting its purchase obligations under the Phase One trade agreement with the US, notably increasing its purchase of U.S. pork, wheat, cotton, corn, sorghum, and soybeans. Despite some physical shipments falling short of USDA projections, overall sales of these commodities are surpassing last year's figures, with wheat, corn, soybeans, and soybean meal showing the most notable increases. Upland cotton and net pork sales are also on the rise, with net pork sales marked by a substantial increase in shipments to Mexico. Meanwhile, net beef sales have seen a decrease, though shipments to South Korea and Japan remain strong. The article provides a detailed breakdown of the sales and shipments of each commodity, highlighting the dynamics in the market and the impact of the trade agreement on U.S. agricultural exports to China.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
China continues to make headway towards meeting purchase obligations in the Phase One trade agreement. The USDA says China was the biggest buyer of U.S. pork, wheat, cotton, and old and new crop corn, sorghum, and soybeans during the week ending August 27th, also purchasing U.S. beef. The USDA’s next set of supply and demand estimates is out September 11th.Physical shipments of corn, sorghum, soybeans, and wheat were less than what’s needed to meet USDA projections for the current respective marketing years. The 2020/21 marketing year started June 1st for wheat, August 1st for cotton and rice, and September 1st for beans, corn, and sorghum, while 2019/20 runs through the end of September for soybean products.Wheat came out at 585,400 tons (21.5 million bushels), down 23% from the week ending August 20th, but up 4% from the four-week average. China purchased 250,800 tons and the Philippines bought 116,400 tons. Just outside of the end of the first quarter of the 2020/21 marketing ...
Source: Brownfield Ag
Would you like more in-depth insights?
Gain access to detailed market analysis tailored to your business needs.
Related market data
What to read next
Read more relevant content
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.