By Jonathan Garber FOXBusiness
Beijing this week purchased 420,000 metric tons of corn and 260,000 metric tons of soybeans.
China is forging ahead with the purchase of U.S. agriculture products, but appears to be well below its commitments agreed to in the phase one trade deal.
Beijing this week purchased 420,000 metric tons of corn and 260,000 metric tons of soybeans for delivery in the 2021 marketing year, bringing outstanding purchases to about 9 million tons of corn and 18 million tons of soybean.
The exact dollar amount of those purchases is not yet known, but corn for March delivery settled near $4.03 per bushel on Wednesday while soybeans closed at $10.38 per bushel.
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A metric ton is made up of 39.36 bushels or 36.74 bushels of soybeans, meaning China bought about $16.5 million of corn and $9.55 million of soybeans.
Beijing has bought $9.7 billion of ag products through August, according to U.S. export data. Meanwhile, Chinese import figures — from the country’s customs offices — show $11 billion of purchases.
U.S. exports must top $33.4 billion or China’s total ag purchases must reach at least $36.6. The pact signed in January allowed either figure to be used in determining compliance.
The trade deal didn’t go into effect until Feb. 14 and exclusions didn’t begin until March. China’s purchases got off to a slow start due to the COVID-19 pandemic, but have accelerated as of late.
U.S. Trade Representative Robert Lighthizer’s office did not immediately respond to FOX Business’ request for comment in regard to if China is living up to its commitments.
Lighthizer said in June that China’s purchases were “way above” the pace from 2017, the best year on record.
FOX Business’ RN White contributed to this report.
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