Beijing/Chicago - An ambitious $36.5 billion target for Chinese imports of U.S. agricultural goods may not be out of reach, but seven months into the year, it's looking like a stretch, Reuters reports July 29.
Imports were trailing 2017 levels at the end of May, and even though China's purchases of soybeans are accelerating, turbo-powered levels of buying would be needed to reach the finish line.
Noting the slide in U.S.-China relations, the global pandemic, the approach of a U.S. presidential election, and questions about how much soybeans China really needs, farmers and analysts say they don't see it happening.
“It just doesn’t seem likely to me,” said John Payne, senior futures & options broker with Daniels Trading in Chicago.
“If the global economy was more normal then maybe, but you have this whole COVID problem.”
To see the full report by Rueters, click here.