The phase-one of the US-China trade deal will pave the way to a significant increase in China’s soybean imports from the US, the Global Times reported on Wednesday, citing Wang Liaowei, senior economist at China National Grain and Oils Information Center, which is under China’s Food and Strategic Reserves Administration.
“With limited domestic arable land and water resources, China’s pattern of relying on imported soybeans to meet domestic consumption cannot be fundamentally changed,” Wang explained. “As the world’s largest soybean importer, no single country can meet China’s import demand.”
The market reaction was muted to these comments with Wall Street’s main indexes remaining on track to open the day with modest losses.
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