China has purchased at least 10 shipments of US soybeans worth approximately $300 million through contracts signed since Tuesday. Two traders familiar with the agreements said the purchases continued the increase following the recent thaw in US-China trade relations.
Trump said that during the meeting he asked Xi to accelerate and increase purchases of US goods, and that Xi “more or less agreed.”
One trader reported that China bought 12 shipments, while the other estimated it was between 10–15. Each shipment was reported to be between 60,000–65,000 tons and would be shipped from US Gulf Coast and Pacific Northwest ports in January.
The purchases occurred even though US soybeans were more expensive than Brazilian products. China had reduced its purchases from the US for months due to the trade tension between Washington and Beijing. However, purchases regained momentum after the leaders’ meeting held in South Korea at the end of October.
