Saturday, June 29, 2019

Trade Truce: The Tip-off was in the Soybeans

From the U.S. Department of Agriculture a succinct press release June 28:
Private Exporters Report Sales Activity for China
WASHINGTON, June 28, 2019—Private exporters reported to the U.S. Department of Agriculture export sales of 544,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year. ...
HT: AgriPulse,

China makes big soy purchase on eve of Trump-Xi meeting
USDA on Friday reported an export sale of 544,000 metric tons of soybeans to China, just a day before President Donald Trump and Chinese President Xi Jinping meet with the aim of ending the two countries’ trade war.

The announcement marked the first Chinese purchase of more than 500,000 tons since trade talks between the two countries fell apart in early May, when U.S. Trade Representative Robert Lighthizer announced that China had backtracked on agreements that had already been struck.

About two weeks ago China agreed to buy 130,000 tons of U.S. soybeans, but that was well short of the purchases China had been making before the talks broke down. USDA announced export sales of 816,000 tons to China on March 29 and 828,000 tons on Apr. 1....

Earlier today:
"Donald Trump, Xi Jinping agree to trade war truce and to resume talks after G20 summit meeting"