China Puts Hold on U.S. Soybean Purchases

China has put purchases of U.S. soybeans on hold after an escalation in trade tensions between the nations. China is the world’s largest soybean buyer.

Government data indicates China bought about 13 million metric tons of American soybeans after the countries agreed to a truce in December, in a move that showed goodwill toward getting the trade dispute resolved. While U.S. Agriculture Secretary Sonny Perdue said in February that China had pledged to buy an additional 10 million tons of American soy, purchases have now stopped.

Data from the USDA show that China is yet to take delivery of about 7 million tons of U.S. soybeans that it has committed to buy in the current marketing year.

Sources: Bloomberg, Politico