China’s Soy Crushers May Be Facing a Winter Without US Beans

Just days before the start of the US export season for soybeans, the world’s top importer doesn’t appear to have bought a single American cargo for the coming year.

The impasse between China and the US — long its second-biggest supplier — comes as the two governments negotiate an end to the trade hostilities that have roiled commerce between the countries since Donald Trump returned to the presidency. American farmers have said the stalemate leaves them headed toward a financial precipice, but US government data suggests that Chinese buyers are standing pat.