Chinese importers buy USA soy cargoes - traders

Auto Industry Sees New Hope in China-US Treaty

The President said Tuesday that China is "back in the market" to buy American soybeans - but farmers said that was the first they had heard of any change since July, when China retaliated against new American tariffs by blocking imports of U.S. agricultural products.

China promised to purchase United States soybeans as part of the preliminary deal forged by President Donald Trump and Chinese President Xi Jinping.

The companies did not immediately respond to requests for comment.

Chinese state-owned firms made a huge order of soybeans on Wednesday, according to a new report, the first concrete sign that Beijing is following through on promises made as part of the trade war truce.

The trader said China was seeking to buy a total of 2.5 million to 3 million tonnes of USA soybeans.

US President Donald Trump told Reuters he might intervene in the Huawei case if it would help achieve a trade pact with China, though US Trade Representative Robert Lighthizer has insisted the arrest is a criminal justice matter entirely separate from the tariff negotiations.

China a year ago purchased about 60 percent of USA soybean exports in deals valued at more than $12 billion.

Trump agreed to leave tariffs on $200 billion worth of Chinese imports at 10 percent at the beginning of the new year rather than raise them to 25 percent as previously planned.

She is now awaiting extradition to the USA but has reportedly just been released on bail.

Traders have been watching closely for signs of confirmation of a resumption of Chinese buying of USA soybeans, particularly after Trump tweeted on Tuesday morning that "very productive conversations" were going on with China.

US farmers welcomed the deals.

But the world's top soybean importer has purchased little since Beijing slapped steep tariffs on US shipments on July 6 in retaliation for duties on Chinese goods.

The USDA reported export sales of USA corn in the week to December 6 at 903,200 tonnes for the 2018/19 crop year, below a range of trade expectations for 1.0 million to 1.5 million tonnes.

U.S. officials later said they wanted to see China move to reduce the auto tariffs "immediately" as a sign that negotiations would proceed in good faith.

Financial markets have alternatively recovered and slumped on each new hint of progress or increased tensions between the world's largest economies.

Investors were also looking ahead to the U.S consumer price report later on Wednesday where an expected slowdown in headline inflation would only reinforce speculation of fewer rate hikes from the Federal Reserve.

"Failure to review this and other similarly-situated transactions, in which Chinese state-owned entities may gain footholds in sensitive technologies, poses a significant threat to the U.S. national security", Menendez said. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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