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16h ago

Trump Urges China to Quadruple U.S. Soybean Orders Ahead of Trade Truce Deadline

The appeal sent soybean futures up, with analysts questioning China’s ability to boost shipments on such a scale before the Aug. 12 truce deadline.

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General view of a soybean field in Wyandot County, Ohio, U.S., August 16, 2021. Picture taken August 16, 2021. REUTERS/Christopher Walljasper/ File Photo
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Overview

  • President Trump posted on Truth Social on Aug. 10 asking China to “quickly quadruple” its purchases of U.S. soybeans.
  • Soybean futures on the Chicago Board of Trade climbed over 2% after Trump’s call.
  • A U.S.–China tariff truce is set to expire on Aug. 12, and it is unclear if soybean purchases will factor into any extension.
  • Analysts say China’s strategic shift to South American suppliers makes a fourfold jump in U.S. imports unlikely on short notice.
  • China’s Ministry of Commerce has not commented on the request, and under the 2020 Phase One deal Beijing fell short of its agricultural purchase targets.