China agrees to buy 5 million mt of US soybeans after trade talks
China will buy 5 million mt of soybeans from the US, China’s lead negotiator Vice Premier Liu He said during Thursday’s meeting in the Oval office with President Donald Trump.
The initial offer from China did not provide further clarification and was issued after the close of CBOT soybean futures. Although, there was not an immediate reaction on pricing, traders looked for further details to qualify the original statement.
As part of prior negotiations, China has already purchased and estimated 5 million mt for delivery in the current 2018-2019 marketing year since December.
The negotiations did not resolve the trade dispute and President Trump said there would be no deal until he meets with China’s President Xi Jinping. The deadline for the negotiated three-month US-China trade truce is March 1.