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China Offers Tariff-Free Quota for 10M Tons of U.S. Soybeans

Offer made to state-owned crushers, privately owned crushers and major international trading houses with crushing plants

Cargo container ship 2431006 960 720

China on Tuesday offered 10 million tonnes of tariff-free quota to major Chinese and international soybean crushers to import soybeans from the United States, according to two people briefed on the matter.

According to Reuters, the quota to import U.S. soybeans was offered to state-owned crushers, privately owned crushers and major international trading houses with crushing plants in China at a meeting called by the state planner, said the sources who were briefed by people that attended.

The meeting comes after President Trump said China had agreed to buy up to $50 billion of U.S. farm products annually during trade talks earlier this month.

However in the week following the talks, China bought at least eight cargoes, or 480,000 tonnes worth $173 million, of Brazilian soybeans and steered clear of the U.S. market, traders told Reuters.

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