(WASHINGTON D.C.) — Ahead of the meeting between President Trump and President Xi, reports are that China has made its first U.S. soybeans purchases of this marketing year.
Reuters first reported, along with CNBC, that Chinese state-owned COFCO purchased three cargoes of soybeans according to multiple trade sources. The purchase was around 180,000 metric tons for December and January shipment via the Pacific Northwest (PNW) ports.
COFCO did not immediately respond to a Reuters request for comment.
This news comes ahead of the meeting between the U.S. and Chinese leaders in South Korea on Thursday (Wednesday evening U.S. time) to discuss a reported framework in place for a trade deal between the two countries. Up until this reported purchases, China had not been buying U.S. soybeans and instead opting for South American beans as the trade war between the two countries continued on. U.S. soybean futures have rallied around $1 in recent days amid optimism of a potential deal between the U.S. and China this week.
