China made another strong showing in the USDA’s weekly export sales report, even as political tensions and uncertainties about the Phase One Agreement continue. China was the biggest buyer of U.S. pork, beef, new crop corn, and old and new crop sorghum during the week ending August 20th, and was near the top for old and new crop soybeans and cotton exports, continuing recent efforts to ramp up purchases in order to meet those Phase One purchasing obligations. The U.S. Trade Representatives’ office and China’s Ministry of Commerce spoke earlier this week, with both sides reporting progress and reaffirming their commitment to making the trade deal work.Physical shipments of soybeans and wheat were more than what’s needed to meet USDA projections for the current respective marketing years. The 2020/21 marketing year got underway June 1st for wheat and August 1st for cotton and rice, while 2019/20 runs through the end of August for beans, corn, and sorghum and the end of September for ...
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