Why Soybeans?

President Trump tweeted that China starts buying soybeans after the G20 summit negotiations. Why Trump pays close attention to soybeans? Let’s take a look on soybean world production market and historical data of U.S. soybean export to China.

World Soybean Production

CountryProductionExportsImports
Total 13,027 5,9465,862
U.S.4,280 2,290
Brazil 4,2992,657
Argentina2,058294
China5183,785
Others1,8727052,078
2018/19 marketing year
units: million bushels
source: USDA-FAS

 

Based on this table, U.S. accounts for 33% of the world’s soybean production and China is the world’s largest importer of soybeans. Yes, soybeans are very important for both countries. Now below chart shows the soybean weekly import trends. As you can see, soybean imports have been drastically dropped from April due to China’s retaliatory tariff on U.S. soybeans.

We plan to track this export data trends to see how much actually soybeans will be exported to China after the G20 summit….

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