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China Returns to U.S. Soybean Market as Tensions Ease
USAgNet - 05/24/2018

China's state grain stockpiler has returned this week to the U.S. soybean market for the first time since early April, a sign Beijing is preparing to resume purchases as trade tensions between the world's top two economies ease, two sources said.

According to Reuters, the renewed interest in the oilseed, used in animal feed, follows Beijing's pledge at the weekend to buy more U.S. goods from its top trading partner, including agricultural products. China made the pledge to avert a trade war that could damage the global economy.

As the two sides stepped back from a full-blown trade war, Washington also neared a deal on Tuesday to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, and Beijing announced tariff cuts on car imports.

State grains buyer Sinograin asked about U.S.-origin soybean prices this week after being largely absent for the last six weeks, two sources with knowledge of the matter said.

"Sinograin is in the market today asking U.S. suppliers to make offers for shipment of old crop as well as new crop beans for shipment August onwards," said a source who works at a private soybean crushing company in China.

Sinograin's requests for prices were interpreted as a sign that government curbs on buying American goods had been lifted, reports Reuters.

Soybeans are America's top agricultural export to China, worth $12 billion last year.


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