China is looking to purchase up to 30 million tons of crops from the U.S. to help rebuild state stockpiles. They’re trying to protect themselves from further supply chain disruptions brought on by the COVID 19 pandemic. The Asian nation is looking at buying 10 million tons of soybeans. Iowa Soybean Association President Tim Bardole says the quicker they do that the better.
He says what’s positive is that the U.S. is in a better position to supply China with soybeans than are Brazil and Argentina which aren’t seeing the bumper crops they expected earlier.
China is also expected to purchase two million tons of soybean oil and Bardole says for the U.S. to get that market back would be helpful.
China is interested in buying the soybean oil to add to their reserves.
