Beijing on Tuesday offered major Chinese and international soybean processors wa...
BEIJING/SINGAPORE - Beijing on Tuesday offered major Chinese and international soybean processors waivers that would exempt the companies from steep tariffs on imports of up to 10 million tonnes of U.S. soybeans, according to two people briefed on the matter
The waivers, however, failed to unleash a flood of immediate buying on Tuesday as U.S. prices remained too high, according to U.S. export traders. Market conditions have continued to determine Chinese buying in recent weeks despite U.S. President Donald Trump’s assurances of a wave of imminent sales.
Bids for U.S. soybeans shipped to China were about 15 cents a bushel below exporter offers on Tuesday afternoon, one U.S. broker said, a wide spread indicating that sales were not imminent.Still, exporters were scrambling for soybeans delivered to Gulf Coast shipping terminals later this year in anticipation of upcoming purchases, with bids for November and December arrivals up 4 to 6 cents a bushel, traders said.
In the week following the talks, however, China bought at least eight cargoes, or 480,000 tonnes worth $173 million, of Brazilian soybeans and steered clear of the U.S. market, traders told Reuters.
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