China set to buy record amount of U.S. soybeans

- Advertisement -

As China has been stepping up purchases of American agricultural goods since April, now the Asian nation is set to buy a record amount of U.S. soybeans this year under the phase-one trade deal.

The total from the United States will probably reach about 40 million tons in 2020, the sources said on the condition of anonymity. That will be around 25% more than in 2017.

On the other hand, China’s agriculture ministry said it expects soybean imports to increase in the second half, including from the US as the phase-one deal is implemented.