U.S. soy exporters struggle with huge China export commitments in midst of trade war

U.S. soybean exporters are facing what may be their busiest and most logistically challenging summer due to an unprecedented backlog of soybeans purchased by China that still needs to be shipped and widespread floods in the U.S. Midwest. While there is little hope for a prompt U.S.-China trade deal, some 7 million tonnes of U.S. soybeans bought before talks broke down last month will need to be delivered to Beijing in coming months, U.S. exporters and industry analysts said. China would face steep penalties if it tried to cancel the orders and, as the world’s top soy importer, it still needs the soybeans, traders said. Cancellations of deals made during trade talks earlier this year could also escalate diplomatic tensions.