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China buys more soya beans from US ahead of trade talks next month

China is buying more soybeans from the US

14.9.2019

China is buying more soybeans from the US

WASHINGTON - China bought an additional 204,000 tonnes of American soya beans on Friday (Sept 13) – a day after Chinese buyers bought 600,000 tonnes of US soybeans for shipment from October to December.. Read more at straitstimes.com.

The purchases came as reports from China on Friday indicated that Beijing would exempt soya beans and some other American agricultural products from tariffs.

“We’ll probably learn more over the weekend and going into Monday.”

“The US Department of Agriculture confirmed… that private exporters bought 204,000 tonnes of US soybeans destined for China.”

But gestures by both countries in recent days were cause for cautious optimism, said Mr Kimberley - himself from a family that farms around 1,600ha of corn and soya bean.

Oct 1 marks the 70th anniversary of the founding of the People’s Republic of China, and will be marked by a major celebration, including a military parade in Beijing.

Later, the president told reporters: “If we’re going to do the deal, let’s get it done.”

There may be other factors at play in the soya bean purchases. Chinese buyers are unlikely to buy American soya beans if the tariffs make their price more expensive than others. But South American soya bean producers are nearing the end of their annual stock, which means their prices are edging up, and American soya beans are now more competitive.

“There’s a lot of unknowns; we don’t know exactly what’s going on, but it’s at least a good sign that both sides are negotiating again and maybe interjecting some goodwill into the process,” he said.

Read more: The Straits Times

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