U.S. weather delays soybean exports to China
Recent hurricanes in the US have led to problems for soybean exports.
China is the world's largest consumer of soybeans, purchasing around two thirds of the global supply.
Of these, a significant number come from the US, where this year's harvest has been impacted by poor weather.
Recent hurricanes in the US delays its soybean exports to China. [File Photo: cnjidan.com]
As a result, the quality of US beans is lower than normal, leading to delays in exports to China.
This could impact prices of soybeans over the coming weeks, but is not thought to be an insurmountable problem.
The news comes at a time of growing agricultural trade between China and the US.
In August, we reported that China had agreed to the import of rice from the US.
China is both the world's largest consumer and producer of rice.
US rice cultivation is particularly prominent in the states of Arkansas, California, Louisiana, Mississippi, Missouri and Texas, and the country accounts for around two percent of annual global rice output.
It will need to compete with China's current suppliers, including Pakistan and Thailand, to win Chinese orders.
Initially, the US planned to export around four million tons of rice to China - just a fraction of the latter country's five billion tons of annual imports.
Nevertheless, after ten years of negotiations, the news was warmly received.
US Secretary of Agriculture, Sonny Perdue, said that the Chinese market '…represents an exceptional opportunity today, with enormous potential for growth in the future.'