Soybean diplomacy: Trump tells China to boost US bean imports fourfold
'China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI,' Trump said on Truth Social.
A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended.
China, which takes more than 60 per cent of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States.
The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 2.13 per cent at US$10.08 a bushel at 0446 GMT (12.46pm Malaysian time), having been little changed before Trump's post.
China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the US and most of the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the US.
'It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US,' Johnny Xiang, founder of Beijing-based AgRadar Consulting, said.
It is unclear if securing China's agreement to buy more US soybeans is a condition for extending the trade truce.
China's Ministry of Commerce did not immediately respond to a Reuters request for comment.
The country has steadily reduced its reliance on US soybeans in recent years, shifting more purchases to South America.
Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of US agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets.
This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter US beans, fuelling concerns as the US harvest export season approaches.
'On Beijing's side, there have been quite a few signals that China is prepared to forego US soybeans altogether this year, including booking those test cargoes of soymeal from Argentina,' said Even Rogers Pay, an agricultural analyst at Trivium China.
Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter.
US soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the US, and 74.65 million tons from Brazil. — Reuters
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