# China likely to speed up buying of U.S. farm goods: COFCO exec

> A COFCO executive said China is likely to speed up purchases of U.S. farm goods. Under the Phase One deal, China committed to buy an additional $32 billion of U.S. agricultural products over two years above a 2017 baseline. Soybeans were the largest U.S. farm product shipped to China.

- Date: 2020-05-14 · published 2020-05-14T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/52981-china-likely-to-speed-up-buying-of-u-s-farm-goods-cofco-exec
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Faster Chinese buying would tighten U.S. old-crop and new-crop soybean balances and support soybean prices. Corn demand would also benefit if purchases broaden.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-07-30 | [China needs 'explosive' buying to meet U.S. farm import target](https://feedsoft.ai/events/51979-china-needs-explosive-buying-to-meet-u-s-farm-import-target.md) | -1.1% | +3.1% |
| SOY | 2021-03-22 | [China buying boatloads of U.S. corn](https://feedsoft.ai/events/47968-china-buying-boatloads-of-u-s-corn.md) | -1.1% | +2.4% |
| SOY | 2021-10-05 | [China’s buying — and U.S. farms cashing in](https://feedsoft.ai/events/44412-china-s-buying-and-u-s-farms-cashing-in.md) | -0.6% | +0.1% |
| SOY | 2025-11-06 | [China begins limited purchases of U.S. farm goods after Trump-Xi meet \| Reuters](https://feedsoft.ai/events/8212-china-begins-limited-purchases-of-u-s-farm-goods-after-trump-xi-meet-reuters.md) | +0.1% | -0.0% |
| SOY | 2019-02-02 | [China's COFCO buys million-tonne batch of U.S. soybeans](https://feedsoft.ai/events/60472-china-s-cofco-buys-million-tonne-batch-of-u-s-soybeans.md) | -0.4% | -1.6% |
| CORN | 2021-03-22 | [China buying boatloads of U.S. corn](https://feedsoft.ai/events/47968-china-buying-boatloads-of-u-s-corn.md) | +10.7% | +12.5% |
| CORN | 2021-10-05 | [China’s buying — and U.S. farms cashing in](https://feedsoft.ai/events/44412-china-s-buying-and-u-s-farms-cashing-in.md) | -1.3% | +7.4% |
| CORN | 2019-03-22 | [U.S. grains: Corn up on China buying, flood worries - Grainews](https://feedsoft.ai/events/9642-u-s-grains-corn-up-on-china-buying-flood-worries-grainews.md) | -1.9% | -4.8% |

## Sources

- reuters.com: https://www.reuters.com/article/us-usa-trade-china-agriculture/china-likely-to-speed-up-buying-of-u-s-farm-goods-cofco-executive-idUSKBN22Q0BT/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.