February 26, 2019
'China commits to buy additional 10 million tonnes of US soybeans'
After China's importation of US soybeans came to a virtual standstill last year because of the trade war between the two nations, news that the Asian economic giant is buying an additional 10 million tonnes of the legume, which is a cheap source of protein for animal feeds, should be sweet to the ears of American farmers.
On Saturday, Feb. 23, US Agriculture Secretary Sonny Perdue broke the news via Twitter that China has pledged to buy an additional 10 million tonnes of US soybeans.
"BREAKING: In Oval Office meeting today, the Chinese committed to buy an additional 10 million metric tons of U.S. soybeans", he said in his Twitter post without elaborating.
"Hats off to @POTUS [President of the US] for bringing China to the table. Strategy is working. Show of good faith by the Chinese. Also indications of more good news to come", Perdue added.
Perdue apparently referred to the meeting between US President Donald Trump met Chinese Vice Premier Liu He in the Oval Office on Friday, as reported by Reuters.
China imposed tariffs on US agricultural products including soybeans and pork last year, and exports of US soybeans to China dipped by as much as 97% as in September compared with the same month in 2017.
China resumed importing US soy in December, and as of Feb. 21, only 7.4 million tonnes of the most recent US soybean harvest had been sold to China, in contrast to the 26 million at the same point last year, as per Reuters, citing the latest USDA export sales data. --Rick Alberto