November 18, 2019
China purchases more US soybeans amid US-China trade war doubt
The US Department of Agriculture (USDA) said 760,527 tonnes of soybeans were booked to be purchased by China buyers in the week ended November 7, 2019, reported Reuters.
Also according to the USDA, 693,527 tonnes of oilseed were exported to China by the US.
China is the biggest buyer of US soybeans, making up 61% of the weekly 1.256 million tonnes of soybeans exported from the US. Soybeans are abundantly harvested in the fall and China is the top importer of the supply from US during this season.
Wilbur Ross, US Commerce Secretary said US-China trade talks are still being negotiated as both parties are looking to finalise a phase one trade agreements.
From the beginning of marketing year September 1, 2019, China buyers have pledged to purchase 8.036 million tonnes of soybeans from the US. 3.153 million tonnes of soybeans have already been exported to China since then.
In 2018, 647,990 tonnes of soybeans were committed by China buyers with 339,003 tonnes shipped in total. In 2017, it was 18.647 million tonnes, with 13.268 million tonnes shipped to China by mid-November 2017 - before the US-China trade war began.