BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Agriculture

China prepared for additional purchase of US soybeans: sources

Bunker Fuel | Crude Oil | Fuel Oil

Why is the fuel oil sulfur spread going bananas?

Agriculture | Biofuels

Platts Biofuelscan

Commodities | Agriculture | Biofuels | Sugar

Miami Sugar Conference, 6th Annual

Agriculture | Grains

Analysis: Brazilian soybean exports could rise amid escalation of US-China trade dispute

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.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

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, ronghao.chen@spglobal.com

-- Edited by Norazlina Jumaat, newsdesk@spglobal.com