China to Buy Record Amount of American Soybeans in 2020

China is set to buy a record amount of American soybeans this year as lower prices help the Asian nation boost purchases pledged under the phase-one trade deal, according to people familiar with the matter. Soy futures in Chicago climbed to a seven-month high.

The total from the U.S. will probably reach about 40 million tons in 2020, the people said, asking not to be identified because the forecast isn’t public. That would be around 25% more than in 2017, the baseline year for the trade deal, and roughly 10% more than the record set in 2016, according to data from the U.S. Department of Agriculture.

China has been stepping up purchases of American agricultural goods since the end of April, with soybean sales for delivery next season currently running at their highest level for this time of year since 2013. The Asian nation has also set several daily records in corn purchases, putting it on track to exceed for the first time an annual quota set by the World Trade Organization.