Tuesday, February 05, 2019
China buys more soybeans after trade talks, but not much
China promised to buy 5 million metric tons of soybeans from the U.S. after last week's trade talks, but is in no hurry. On Friday it bought over 1 million tons, and on Monday purchased another 612,000.
One researcher said he thinks China's promise to buy more soybeans was a stalling tactic, Tyne Morgan reports for Ag Web. Ken Smithmier, ag-market research chief for ClipperData, told Smithmier, "In my opinion, these look like statements from China that buys them time in the trade negotiation and makes U.S. officials happy, but for those of us in the grain market every day running the numbers to see how much they typically buy every year, it really doesn't amount to a whole lot."
President Trump has insisted on a March 1 deadline for trade talks with China before he imposes more tariffs.