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China prepared for additional purchase of US soybeans: sources

Singapore — The US and China ended their second day of trade talks with China promising to purchase another 5 million mt of soybeans, with Chinese market sources -- both traders and crushers -- saying on Friday that they now understand why Chinese government-linked companies were trying to clear their storage capacities ahead of the talks.

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In fact, prior to the trade talks, many market participants in the Chinese domestic market were heard speaking of preparations being carried out for a new round of US soybeans purchase.

Earlier this week, a crusher confirmed that Sinograin was in the market looking for commercial buyers of reserved Argentinian soybeans.

"It was seen as an attempt to free up storage capacity for the additional purchase of US soybeans as offered during the trade talks on Thursday night, " the crusher added.

According to a source, it is possible that more reserved soybeans will flow into the domestic market and will increase domestic soybeans supply in the coming months.

Chinese national soybeans reserves are restricted by limited storage and these government-linked companies were seeking to free up storage for US beans.

"Chinese commercial crushers have purchased in a very slow pace. The uncertainty created by the purchase of another 5 million mt of US soybeans would further discourage crushers from buying Brazilian shipments," a trader said.

The US-China trade talks took place on Jan 30-31, 2019. With the 90-day trade truce coming to an end, both the US and China are putting their best efforts to resolve the trade issues related to patent, agriculture and technology.

According to a tweet posted by President Trump on Thursday, "China's representatives and I are trying to do a complete deal, leaving NOTHING unresolved on the table."

-- Ronghao Chen,

-- Edited by Norazlina Jumaat,