The Chinese government is considering buying up to 7 million tons of U.S. wheat, Bloomberg reported Tuesday afternoon.
FreightWaves reports China has not purchased American wheat to replenish state reserves in many years, and a deal of this size would have significant implications for commodity prices and transportation activity in the United States.
The general consensus is that Chicago commodities traders are waiting for firm volume commitments and timetables before pricing in new Chinese demand.
Read the full report here.
