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USDA expects China to hit 12 million metric ton soybean goal
The USDA’s Under Secretary of Trade says he’s expecting China to meet its commitment of purchasing 12 million metric tons of U.S. soybeans by the end of February.
In an interview with Brownfield, Luke Lindberg says…
“Right now, China has purchased about 10 million metric tons of soybeans.”
China has also committed to purchasing 25 million metric tons from the U.S. each year and Lindberg says he’s optimistic about it.
“The president has even said he thinks that commitment may be exceeded. That was the floor under which we are operating and what that really does is it gives our farmers enough confidence that they have a good purchaser in China, but we also need to continue to diversify and look at markets all around the world.”
He says diversifying markets is essential risk management for U.S. agriculture, and the USDA is actively working to build new markets in southeast Asia.
But Lindberg says China remains an important market for the U.S., and trade negotiations between the two countries are ongoing.
“I don’t have anything to announce on that front specifically, but I will tell you it’s going to be a dynamic year for U.S. and China relations. We’re tracking as many as up to four interactions, potentially, this year where President Xi and President Trump may find themselves in the same room. Always around those meetings there are opportunities to make progress and see some new things happen.”
He says there’s a list of ag priorities the U.S. has to address with China.
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