China's soybean demand has been hit by swine flu, raising doubts about its trade promises
As the U.S. and China continue to negotiate a trade deal aimed at satisfying both sides, soybeans are emerging as a bargaining chip for Beijing to use as leverage in those talks.In addition to tariffs brought on by the ongoing trade dispute, falling import numbers and an outbreak of swine flu in China have added to concerns that the world's second largest economy may not be able to live up to its pledges to buy more.
"U.S. export figures had already raised doubts about whether China would buy the promised 10 million tons of soybeans in the US. These doubts have not been reduced by data from China," the bank's analysts added. China's pig herd fell 13 percent in January compared with the same month a year earlier, while the number of breeding sows was down 15 percent from the previous year, according to data from the Ministry of Agriculture and Rural Affairs.
In 2017, the U.S. exported $40 billion worth of grains and soybeans, of which China accounted for $15.5 billion, she noted.
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