China buys American agricultural products amidst the COVID-19 epidemic. This is a step with 3 benefits.

Move to buy US agricultural products to strengthen national stockpile amid COVID-19 acute respiratory infection. This is considered a step ...


Move to buy US agricultural products to strengthen national stockpile amid COVID-19 acute respiratory infection. This is considered a step to bring a triumph to China.

Citing three sources familiar with the government's plan, Reuters news agency said China was preparing to buy more than 30 million tons of agricultural products for its national stockpiles. To prevent supply chain disruptions caused by COVID-19 epidemic. This is also the move China made to fulfill its commitment to the US.

Specifically, China plans to buy 10 million tons of soybeans, 20 million tons of corn and 1 million tons of cotton for the national reserve. China will import most of these agricultural products from the United States to fulfill its commitments under the first-phase trade agreement signed in January with Washington.



A farmer harvests corn at Hodgen farm, Indiana (USA). Photo: Reuters

China also bought 1 million tons of sugar and 2 million tons of soybean oil for its stockpile, but it was not clear which country to import.

“The main message from Beijing is to ensure people's lives. This is a good time to strengthen national reserves. Especially when the prices of items are low, ”an anonymous source revealed. Chinese soybean and corn prices are now double that of those in the US.

However, the above sources said it was unclear when the trade took place because it was dependent on market fluctuations. “At the same time, China has tripled. Stock items may be released in case prices need to be kept. On the other hand, this helps Beijing make a trade deal with Washington. And finally, the purchase price is beneficial for China, "a source explained.

According to data from global supplier Refinitiv, the total value of Chinese corn and soybeans bought by the US is about 6.25 billion USD. In the first quarter of 2020, China imported US $ 5.05 billion worth of US agricultural products.

In just 5 months since the outbreak in Wuhan city (China), the COVID-19 pandemic has spread to over 200 countries and territories. It has caused at least 2.8 million people to get sick and over 198,000 to die. Measures to blockade and restrict movement to prevent the spread of disease have caused economies to stagnate and upset the global supply chain, including agriculture.

The epidemic has greatly affected the U.S. agriculture and food industry. Farmers have difficulty finding seasonal workers to harvest. Besides, changing the eating habits of consumers as more and more Americans eat at home, and schools, restaurants closed, forced prices of crops and livestock to fall. In support of unprecedented damage from the pandemic, US President Donald Trump on April 17 announced a $ 19 billion financial bailout package to help agriculture cope with the recession.

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High Tech Brain: China buys American agricultural products amidst the COVID-19 epidemic. This is a step with 3 benefits.
China buys American agricultural products amidst the COVID-19 epidemic. This is a step with 3 benefits.
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