China has only bought 332,000 tons of U.S. soybeans since Trump made a deal with Xi Jinping that promised 12 million by year's end [Fortune]
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Source: Fortune
soybeans like the Trump administration touted last month after a high-stakes meeting between President Donald Trump and Chinese leader Xi Jinping. The USDA report released after the government reopened showed only two Chinese purchases of American soybeans since the summit in South Korea that totaled 332,000 metric tons. That's well short of the 12 million metric tons that Agriculture Secretary Brooke Rollins said China agreed to purchase by January and nowhere near the 25 million metric tons she said they would buy in each of the next three years. American farmers were hopeful that their biggest customer would resume buying their crops. But CoBank's Tanner Ehmke, who is its lead economist for grains and oilseed, said there isn't much incentive for China to buy from America right now because they have plenty of soybeans on hand that they have bought from Brazil and other South American countries this year, and the remaining tariffs ensure that U.S. soybeans remain more expensive t
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