The world’s top soybean importer, China, doesn’t seem to have bought a single American cargo ship’s worth of soybeans for the coming year. Bloomberg said that’s despite the typical U.S. soybean export season beginning in days. U.S. government data shows Chinese buyers are standing pat on U.S. soybeans while the two countries continue to negotiate an end to the trade hostilities that have upended commodity markets. America’s soybean farmers have told the White House that the current stalemate has them hanging on the edge of a financial precipice. China imposed retaliatory tariffs on American soybean imports in March, making the cargoes less competitive in the Chinese market. The U.S. harvest typically starts in September. Chinese mills that crush the oilseed into animal feed will usually book ahead to take advantage of cheaper prices and ensure their needs are met for the first few weeks or months of the crop year.
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