China buys 600,000 tons of US soybeans after trade talks

Evie Fordham

Chinese importers purchased roughly 600,000 tons of U.S. soybeans after deputy-level trade discussions between the U.S. and China last week.

Benchmark U.S. soybean futures on the Chicago Board of Trade jumped more than 1 percent because of the news, Reuters reported on Monday.

The soybeans will not be shipped out all at once. The roughly 10 boatloads of soybeans will make their way to China between October and December, according to Reuters.

News of the purchase came after Chinese trade officials on Friday canceled their scheduled visit to U.S. farm states, putting a damper on an otherwise seemingly positive few weeks on the trade front.

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As the trade war between the U.S. and China continues, delegations from both countries are scheduled to meet for negotiations in October.

A Chinese state news agency reported earlier in September that U.S. soybeans and pork, in addition to some other farm products, will be exempt from additional tariff hikes, easing tensions between the two sides ahead of trade negotiations.

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