Chinese State-Owned Companies Buy 1.5M Tons of U.S. Soybeans
Representing the second major soybean purchase for the month of March, Chinese state-owned companies bought 1.5 million tons of U.S. soybeans for shipment in July and August.
The orders were placed as U.S. and Chinese officials come together in Beijing to continue negotiations toward ending a long-standing trade war between the two countries that has severely cut U.S. soybean trade.
These latest purchases were mostly for shipments originating in the Gulf Coast, and were the most recent in a string of commodity purchases made since December 2018 by Chinese state-owned companies as a sign of goodwill..
Prior to this, Chinese buyers ordered 1.7 million tons of U.S. soybeans in the wake of trade negotiations conducted between the two countries in Washington D.C., during which Chinese officials agreed to buy an additional 10 million tons of U.S. soybeans.