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China embarks on second round of soy buying post Trump-Xi truce.

Jan 15, 2019 12:15

Chinese importers returned to the U.S. soy market on Tuesday for their second round of purchases since the two countries agreed to a truce in their trade war, four traders with knowledge of the deals and the U.S. Soybean Export Council said.

The purchases are the latest evidence that China is making good on pledges to buy U.S. agricultural goods as part of the 90-day trade detente agreed to by U.S. President Donald Trump and his Chinese counterpart, Xi Jinping.
The renewed buying lifted benchmark soybean futures prices at the Chicago Board of Trade on Tuesday, although gains were tempered by the slower-than-anticipated pace of purchases by the world's top soybean importer.
Chinese state-owned companies bought 15 cargoes, or about 900,000 tonnes, on Tuesday for shipment from January to March, deals that would be worth more than $300 million.
Soybean prices at U.S. Pacific Northwest and Gulf Coast export terminals rose by 1.5 percent as the new wave of buying sent exporters scrambling for supplies shipped by rail or barge from the Midwest farm belt. Soybean futures on the Chicago Board of Trade gained about 0.3 percent.
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