US Exports Smallest-Ever Pork Shipments To China

Chinese ports are loosening access restrictions as the COVID-19 situation improves across the country. Even so, the world’s largest pork consumer is recording its lowest-ever imports from the U.S.

In the week of March 5, Chinese buyers cancelled enough orders to push net U.S. export sales to negative 45,222 tons of pork — the lowest amount since the USDA initiated record keeping in 2013. The previous record was negative 17,614 tons.

Order cancellations also pushed net soybean sales to China — negative 90,281 tons — to the smallest quantity since the week of Aug. 5, 2019.

The coronavirus pandemic has stunted trade expectations formed after the U.S. and China signed a Phase 1 trade agreement in January. The deal included Chinese purchases of an additional $12.5 billion in U.S. farm products in 2020 above the 2017 sales level of $24 billion.

U.S. Agriculture Secretary Sonny Perdue said he expects China to draw from the U.S. soybean market in the late spring and summer.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsCommoditiesMarketsChinaCoronavirusCovid-19USDA
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!