USDA Says More US Soy Exports to China Would Mean Less Elsewhere

The US Department of Agriculture acknowledged Tuesday that China could buy more American soybeans but held back on raising its forecast for exports.

The agency kept its outlook unchanged for US soybean stockpiles in its closely watched monthly supply and demand outlook. Traders have been tracking China’s buying as President Donald Trump last week said the Asian country could buy 20 million tons of soybeans from the US, after the world’s top importer fulfilled an earlier agreement for 12 million tons.

Also complicating matters for US farmers is a record-large Brazil soy harvest that’s keeping supplies in South America ...