U.S. Urges China to Accelerate Purchases
China has yet to come close to purchasing near the amount of U.S. agricultural commodities promised in the phase one trade deal. The U.S. Chamber of Commerce is urging them to pick up the pace on these purchases. Standard Grain’s Joe Vaclavik shares the details.
Vaclavik… “They said that COVID-19 has unquestionably slowed progress for both governments. Now, this is kind of misleading when it comes to Chinese purchases of U.S. farm goods. During the last several months throughout this virus, China has been an extremely aggressive buyer of Brazilian soybeans. So I don't know that the virus necessarily has stopped them from buying ag products and those Brazilian soybean purchases are evidence of that. China continues to be more of a low-price buyer. I think they're buying U.S. beans now more competitively, especially for new crop delivery, because they are competitive and not necessarily because of the trade deal.”
Not much movement in the markets on Monday. Notably, however, Chicago July wheat was down again another $0.05 ¼. Class III milk continued to rally up $0.64 to $20.43.