China Purchases More U.S. Soybeans
China purchased more soybeans earlier this week as the U.S. and China discussed the ongoing trade tensions between the two nations. Monday, Chinese importers purchased at least 180,000 metric tons, but some trade experts say the purchase may be closer to 900,000 metric tons, according to Reuters.
The gap in purchase size is reflected by the lack of USDA export sales reports during the government shutdown. The purchases of U.S. soybeans, an estimated five million metric tons in the current marketing year, is a fraction of the 23 million metric tons purchased by China in the previous marketing year.
China halted purchases of U.S. soybeans last year after the nation placed a tariff on U.S. soybeans in retaliation to U.S. trade policy against China. About 60 percent of all U.S. soybean exports are shipped to China every year, with most purchases made during the last three months of the year.
Source; NAFB News