China Back in the Market for U.S. Soybeans
Washington and Beijing plan more trade discussions
China is back in the market for U.S. soybeans after taking a holiday break, just as Washington and Beijing plan more trade discussions, reports the Chicago Tribune.
On Wednesday, Cofco Corp., China's top food company, was asking for prices, according to four traders familiar with the process, who asked not to be identified because talks are private. The inquiries were for February and March delivery, three of the traders said. Futures rose 1.3% in Chicago Wednesday and headed for a second day of gains Thursday.
While most traders say they haven't heard of any sales, Chicago-based consultancy AgResource says state-run buyers probably purchased about 1.5 million metric tons.
The renewed interest comes as trade officials from the two countries are scheduled to sit down in Beijing next week for a face-to-face negotiation.