China actually made small purchases of U.S. soybeans, wheat, sorghum, and pork during the week of July 26-August 1, and that could be China’s last ag buys from the U.S. for some time as trade tensions continue to heat up between the U.S. and China.
It was shortly after those purchases that China announced it will be suspending more ag purchases after President Trump decided to slap more tariffs on Chinese goods starting on September 1. China’s overall soybean imports fell by 5.6 percent during July.
At the same time, China’s soybean exports jumped by their highest level in almost a year. The South China Morning Post says a 3.3 percent jump in Chinese exports came about because of higher demand from some of China’s neighbors, including Taiwan, Singapore, and South Korea, who’ve all been hurt economically by the trade war between the world’s largest economies. The report said it’s unlikely that China’s neighbors will be able to adequately fill in the gap in China’s outbound sales totals as the U.S. remains the world’s largest economy and the world’s most vibrant consumer market.