China has purchased about only half the U.S. soybeans it pledged to buy earlier ...
CHICAGO - China has purchased about only half the U.S. soybeans it pledged to buy earlier this year, a U.S. Department of Agriculture official said on Thursday, after a small sale was reported amid the two countries’ escalating trade war.
U.S. officials have said repeatedly they expect China to buy large quantities of soybeans as a gesture of goodwill while the two sides negotiate a trade deal. USDA Undersecretary for Trade Ted McKinney told Reuters that Beijing was a long way from doing that. But the world’s largest soybean importer struck deals from Aug. 9 to 15 to buy 9,589 tonnes for delivery of U.S. soy in the current marketing year and 66,000 tonnes, about one cargo, for the next year, weekly USDA data showed.“If China has purchased, I’ll celebrate that. I hope that’s the case,” McKinney said in an interview at the soy export conference that brought hundreds of soybean buyers from 50 countries to Chicago.
China has largely turned to South America for soybeans since the trade war began last year. U.S. soybean sales to China in 2018 dropped 74% from the previous year.
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