October 1, 2019

     

Chinese importers buy up to 600,000 tonnes of US soybeans in end-September

 
 

Up to 600,000 tonnes of US soybeans had been purchased on September 30 by Chinese companies for shipments from November to January next year, Reuters reported.


The buying was part of a tariff-free quote reserved for importers to acquire up to two million tonnes of US soybeans this week, said two sources familiar with the deal. It came ahead of high-level US-China trade talks, that are expected to start next week.


The move is seen as a recent Chinese norm of 'goodwill' purchasing of US agricultural goods before upcoming talks. Additionally, China has granted waivers from tariffs to importers buying US soy.


Chinese importers have also booked more than one million tonnes in US soy purchases last week after deputy-level talks in the US.


Between two and 10 cargoes of about 60,000 tonnes of soybeans had already been sold, the sources said. One source said buyers included both private and state-owned firms.


However, the US-China trade war has showed no sign of ending. Sources said that the US is considering delisting Chinese companies from US stock exchanges - a move that China warned would destabilise international markets.


- Reuters