|
Following the “misunderstanding” created by Dr. Peter Navarro, adviser to the President on trade, that roiled both commodity and stock markets, Ambassador Robert Lighthizer has assured stakeholders that the agreement is intact. The Administration expects that China will fulfill their purchase commitments in calendar 2020. For the first half of the present calendar year, the seasonal pattern of purchases of soybeans from Brazil continued.
China is now looking to the U.S. to supply soybeans during the 2020/2021 market year commencing in September. Future prices are rising as selling by farmers has slowed in anticipation of large orders that commenced in early May. Spot price is above the deliverable equivalence at the Gulf according to traders, representing an inverse with respect to July and August contracts.
|