|Financial Times graphs|
Tuesday, June 08, 2021
Demand from China boosts American farm economy
"The U.S. is on course to ship a record $37.2 billion worth of farm goods to China this year, led by sales of soybeans, corn, tree nuts, beef, wheat and poultry, the U.S. Department of Agriculture has forecast." That's 23 percent of total U.S. agricultural exports, which USDA estimates will be $164 billion. More Chinese demand, combined with low stocks of corn and soybeans caused by drought in Brazil, "have driven a surge in global food prices, providing a further boost for American farmers."
China imported 9.6 million tons of soybeans in May, a 29% increase from April's 7.4 million tons, Reuters reports.