2020 Fall Farm Outlook

2020 Logan County Farm Outlook LINCOLN DAILY NEWS October 28, 2020 PAGE 9 China’s imports grew at their fastest pace this year in September, while exports extended strong gains as coronavirus restrictions began to ease up. According to a report by Gabriel Crossley and Stella Qiu on data gathered in mid-October, “exports in September rose 9.9% from a year earlier, up from a solid 9.5% increase in August.” Zhang Jun, chief economist at Morgan Stanley Huaxin Securities, said “higher purchases of U.S. agricultural and energy products as China implemented the Phase 1 U.S.-China trade deal, and the resumption of logistics services in the United States and Europe contributed to China’s import strength.” One of the products in high demand for China is U.S. soybeans. Sales have risen fairly consistently, as strong demand from China continues to reinforce price gains. According to one Reuters report, as of mid-October, the U.S. Department of Agriculture reported 264,000 tons of U.S. soybean sales to China. Major transactions and deliveries of product started September 1, as Chinese buyers prefer to make purchases in late summer or fall due to the timing of U.S. harvests. Chinese demand nearly overwhelmed U.S. soybean export terminals in October, as China purchased a vast majority of soybean bushels weighed or inspected for export at various U.S. port facilities. According to various sources, Chinese soy purchases accounted for 82% of exported soybeans from the U.S. as of mid-October. CONTINUE X