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No Soybean Deals are Being Done

Traders see lull despite U.S. saying China pledged purchases

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A week after U.S. Agriculture Secretary Sonny Perdue said China pledged to buy more American soybeans, no sales have been done, reports Bloomberg.

While Chinese buyers returned to the market Friday asking for offers, traders familiar with the process say no deals have been done. That’s a disappointment for American farmers looking to offload a bumper harvest that’s been piled in bags and silos.

“There’s certainly been a lot of chatter,” Arlan Suderman, chief commodities economist for INTL FCStone, told Bloomberg in a telephone interview. “We haven’t seen any evidence that exporters are lining up ocean freight to ship large quantities of agricultural commodities to China.”

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