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China resumes purchases of US soybeans

Chicago — Chinese state-owned companies Wednesday made their first sizable purchases of US soybeans since Beijing imposed a 25% tariff on US-origin soybeans in July, traders said.

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Initial comments from traders have put the volume as at least 500,000 mt purchased as bulk cargos, but there is still a lot of speculation as to the exact volume.

"I'm hearing anywhere from 12-40 cargo vessels, with the lower end more credible," said a trade source.

Inland pricing has supported the increase in export demand and US CIF barge values saw higher biding and trade activity through delivery of July 2019, according to a source.

The purchases are the first solid indication that China will resume sourcing US soybeans and follows many vague comments from recent trade talks between US and Chinese officials claiming that trade will restart. The current purchases supported pricing in the cash market Wednesday, but traders remain cautious and will look for confirmation on additional follow through demand, according to a source.

-- Luke Lundgren, luke.lundgren@spglobal.com

-- Edited by Richard Rubin, newsdesk@spglobal.com

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