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China Market Update
Story Date: 3/29/2021
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Source: Danny Ding, NCDA&CS, 3/26/21
Between Jan. and Feb., wheat import has more than doubled to 2.5 million metric tons; beef import increased by 34%, to 400,000 metric tons, of which 240,000 metric tons were imported in January, reaching the highest monthly level; pork import increased by 26%, reaching 700,000 metric tons; sorghum import has more than doubled to 1.4 million metric tons.
Due to the increase in China's demand for soybeans, the price of soybeans in the international market hit a record high in the past seven years. The Nikkei News reported that the First Phase Trade Agreement signed in January 2020 is expected to be fully inherited by the Biden administration.
As of March 22nd, Chinese residents have received 80.5 million doses of the vaccine which looks slower than expected.
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