China Ramps Up Brazilian Soy Purchases
Shows China is in no hurry to buy U.S. products
Chinese importers have been busy booking fresh purchases of soybeans from Brazil this week, despite the White House announcement that China had agreed to buy up to $50 billion of U.S. farm products annually during trade talks last week, reports Reuters.
The purchases from Brazil -- at least eight boatloads, or 480,000 tonnes worth $173 million-- show that China is in no hurry to buy U.S. products in the wake of last week’s phase one trade agreement that President Trump hopes will be signed next month.
Trump said on Twitter on Sunday that China has already begun making U.S. agricultural purchases.
According to Reuters, three U.S. soybean exporters said there have been no U.S. sales to China since last week’s talks in Washington, however, and none have been confirmed by the U.S. Department of Agriculture.