Overseas sales of the US’s top farm export have plummeted as China shuns American soyabeans in a “devastating” blow to the country’s farmers.
The new export season for soyabeans has opened with no sales or shipments to China, government data shows — a sharp break from a year ago, when it had already booked 6.5mn tons. Meanwhile, inventories have begun to pile up with the onset of the fall US harvest season.
For decades, more than half of all US soyabeans went to China, the world’s biggest buyer. But this year, as trade talks between Washington and Beijing stall, not a single American soyabean has headed east, leaving farmers struggling to stay afloat as bins fill and prices sag while China turns to record supplies from Brazil.
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