Bloomberg reports, citing people familiar with the matter
The report says that China is said to expect a record amount of US soybean purchases this year as "lower prices help to boost purchases pledged under the Phase One trade deal".
Adding that the total imports from the US will probably reach about 40 million tonnes in 2020, which will be around 25% more than the 2017 level - the baseline year for the deal.
That said, one of the sources did provide a caveat in saying that despite the forecast and expectation, China's imports will ultimately be decided by soybean prices and the impact of the virus pandemic i.e. no firm commitment.
I don't think the report here is a coincidence after customs data yesterday showed that Chinese imports of US soybeans were unusually low in July this year, while imports of Brazil soybeans surged considerably.
For some context, China's purchases of US farm goods up until July are at just ~27% of the target implied by the Phase One trade deal.
Figures are in millions of USD
