China purchased a batch of 544 thousand tons of soybeans in the United States, which was the largest such deal since the end of March 2019, Reuters reported, citing the US Department of Agriculture (USDA).
Market experts suggest that the purchase of a large party was a “goodwill gesture” from China on the eve of the meeting of Chinese leader Xi Jinping with US President Donald Trump at the G20 summit in Japan.
In general, imports of American soybeans to China fell by 80% since last July, when China introduced high import duties on several types of agricultural products from the United States. Now the level of supply has reached an 11-year low. At the same time, China significantly increased its imports of soybeans from South America, primarily from Brazil.