U.S. Soybean Shipments Hit One-Year Low

(Bloomberg) --

Shipments of American soybeans are at the lowest level since before the U.S.-China trade war in what could be a worrying sign for growers hoping for the Asian giant to accelerate purchases ahead of a trade deal.

Total U.S. soybean exports reached 460,700 metric tons last week, down from 888,700 tons in the previous week and just above 446,500 tons in the same week a year ago, according to weekly inspection data released by the U.S. Department of Agriculture on Monday. Of the soy shipments last week, 130,200 tons were loaded for China.

China cut imports of American soybeans and other goods after imposing tariffs in July. While Chinese buyers resumed some purchases in a show of goodwill as the two sides sought a resolution, some farm groups now fear the administration would accept Chinese purchase target pledges without a promise to lift retaliatory tariffs.

©2019 Bloomberg L.P.