Politico quoted American Farm Bureau’s John Newton in an article on China’s recent purchase of Chinese soybeans. “China purchased 1.13 million metric tons of U.S. soybeans this week, offering a sign that the two countries are beginning to make progress in alleviating trade tensions,” reported Politico.
Newton, AFBF’s chief economist, explained that “including the purchase, the U.S. has sold roughly 55 million bushels to China in this marketing year, which began Sept. 1. That represents a 91 percent drop from the more than 600 million bushels sold to China at the same point last year,” noted Politico.
"We've still got a long way to go to get anywhere near what China typically buys in a normal year," Newton said. "But this is a step in the right direction."