USDA casts doubt on China’s soybean purchase promises

of U.S. soybeans totaling 332,000 metric tons, far below the 12 million tons promised by the end of the calendar year. American farmers had hoped for a resumption of purchases from their largest buyer, but CoBank economist Tanner Ehmke noted that China currently has sufficient soybeans purchased from Brazil and other South American countries, and existing tariffs make U.S. soybeans more expensive than Brazilian beans. Despite Trump’s promises, China has not confirmed any detailed agreement, stating only that a “consensus” was reached to expand agricultural trade. Soybean prices on the Chicago Board of Trade fell sharply by 23 cents to $11.24 per bushel, which Ehmke attributed to a “market shock from the lack of Chinese demand.” Prices had previously traded at $10.60, and the decline could continue without new large purchases. Meanwhile, farmers are facing high costs for fertilizer, seed, equipment, and labor, putting additional pressure on their profits. Caleb Ragland, president ...