• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

2

CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

3

Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?

1

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

2

CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

3

Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?

China Cancels U.S. Soybean Purchases as Trade War Takes Hold

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
July 6, 2018, 11:18 AM ET
Add Fortune on Google for similar content.

The trade war may have just started, but China has already been making moves in the soybean world as U.S. shipments originally destined for the nation have been canceled or rerouted.

China lowered commitments to buy 366,000 metric tons of U.S. soybeans in the season that ends Aug. 31 and cut purchases by 66,000 tons in the following year. That’s according to U.S. Department of Agriculture data released Friday for the week ended June 28. About 60,000 tons originally slated for China this season will now go to Bangladesh and another 60,000 tons to Pakistan.

Soybeans are on the hit list of American goods now being targeted by Chinese tariffs that went into effect Friday after the U.S. implemented a raft of duties earlier in the day and President Donald Trump threatened more action. The oilseed is the top agricultural commodity that the U.S. ships to China by far and is among the largest products for overall exports.

Why Soybeans Are at the Heart of the U.S.-China Trade War

One ship laden with U.S. soybeans steaming toward China — the bulk carrier Peak Pegasus — appears to have lost the race to arrive before the import duties were imposed. The vessel is near the port of Dalian, according to ship-tracking data. China still has outstanding sales of about 771,000 tons of U.S. soybeans in the 2017-2018 marketing year and 1.39 million tons in the following season, USDA records show.

China also cut its purchases for cotton by 8,100 running bales in the 2017-18 season, the weekly USDA showed. Some fiber originally sold to China was redirected to Vietnam. A a running bale weighs 500 pounds, or 227 kilograms.

Most-active soybean futures are trading near a two-year low on the Chicago Board of Trade and the cheap price is attracting other buyers. Total net-sales of 1.02 million tons were more than double the same week last year.

About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Google CEO Sundar Pichai
Big TechGoogle
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
By Tristan BoveJune 15, 2026
1 hour ago
Beagle breeding farm to shutter for good after rescue group buys nearly 1,500 dogs following violent protests where cops teared gassed activists
North AmericaAnimals
Beagle breeding farm to shutter for good after rescue group buys nearly 1,500 dogs following violent protests where cops teared gassed activists
By The Associated PressJune 15, 2026
2 hours ago
The billionaire founder and CEO of Vista Equity Partners makes plea to businesses adopting AI: ‘Don’t destroy your intern program’
AIBrainstorm Tech
The billionaire founder and CEO of Vista Equity Partners makes plea to businesses adopting AI: ‘Don’t destroy your intern program’
By Jeff John RobertsJune 15, 2026
2 hours ago
Why Patagonia is risking its progressive brand image with a lawsuit against a drag queen
RetailEnvironment
Why Patagonia is risking its progressive brand image with a lawsuit against a drag queen
By Phil WahbaJune 15, 2026
2 hours ago
Iran emerges from war with its economy in free fall and inflation on some food items above 400%. If the regime doesn’t fix it, ‘there will be trouble’
EconomyIran
Iran emerges from war with its economy in free fall and inflation on some food items above 400%. If the regime doesn’t fix it, ‘there will be trouble’
By Jason MaJune 15, 2026
2 hours ago
Ricardo Pepi
SuccessCareers
Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup
By Preston ForeJune 15, 2026
2 hours ago

Most Popular

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983
Personal Finance
Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983
By John W. Diamond and The ConversationJune 12, 2026
3 days ago
CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea
Success
CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea
By Preston ForeJune 13, 2026
2 days ago
Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?
Economy
Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?
By Nick LichtenbergJune 14, 2026
1 day ago
Iran proved it can close the Strait of Hormuz, but the U.S. is advertising very loudly that the world's top superpower can at least punch open a hole
Energy
Iran proved it can close the Strait of Hormuz, but the U.S. is advertising very loudly that the world's top superpower can at least punch open a hole
By Jason MaJune 14, 2026
24 hours ago
SpaceX surge further boosts Saudi billionaire prince’s fortune
Investing
SpaceX surge further boosts Saudi billionaire prince’s fortune
By Adveith Nair and BloombergJune 14, 2026
1 day ago
AI job disruption is here. The problem may be compounded because nearly 75% of people don't apply for unemployment benefits
AI
AI job disruption is here. The problem may be compounded because nearly 75% of people don't apply for unemployment benefits
By Jacqueline MunisJune 14, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.