Just days before the start of the U.S. export season for soybeans, the world’s top importer doesn’t appear to have bought a single American cargo for the coming year.
The impasse between China and the U.S. — long its second-biggest supplier — comes as the two governments negotiate an end to the trade hostilities that have roiled commerce between the countries since Donald Trump returned to the U.S. presidency. American farmers have said the stalemate leaves them headed toward a financial precipice, but U.S. government data suggests that Chinese buyers are standing pat.
China imposed retaliatory tariffs on U.S. soybeans in March, making cargoes less competitive. The U.S. harvest typically starts in September, which marks the shift from one export season to the next. Chinese mills that crush the oilseed into animal feed will usually book ahead to take advantage of the cheaper prices and ensure their needs are met for the first few weeks or months of the crop year.
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