BEIJING (Reuters) — China’s agriculture ministry has said that the coronavirus disease is expected to have limited impact on the country’s soybean consumption and the world’s top consumer will bring in more cargoes from the United States in the coming year.
The comments came as the number of coronavirus outbreaks fell sharply in China and also following a government move to grant tariff exemption to a list of U.S. products including soybeans.
Beijing pledged to increase purchases of U.S. farm products under the Phase 1 trade deal signed in January, but an unprecedented coronavirus disease cast doubt over China’s ability to fulfil its commitment.
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The epidemic has infected more than 17,000 people, and killed more than 3,000 in China. Government measures to contain the disease, which disrupted supply chains and dealt a heavy blow to sectors across the world’s second largest economy, have started to ease amid reduced outbreaks within China.
Supplies of soymeal and soyoil have also become stable, as operation rate at crushing plants gradually recovered to normal levels, amid easing coronavirus measures, according to the monthly Chinese Agricultural Supply and Demand Estimates (CASDE).
Corn sales were also expected to speed up, pushing up supplies in the market, according to the report.
Forecasts for production, consumption, and imports of corn and soybean remain the same as last month.
