China to buy 10 mln of U.S. soybeans

On Friday last week, China pledged to purchase additional 10 million tons of U.S. soybeans, Reuters informs.

China bought about 32 million tons of U.S. soybeans in 2017. The commitments are a “show of good faith by the Chinese” and “indications of more good news to come,” U.S. Agriculture Secretary Sonny Perdue said on Twitter.

China was the top buyer of U.S. soybeans before the trade war, but Beijing’s retaliatory tariffs on U.S. soybeans slashed business that had been worth USD 12 billion annually.

As previously reported, China had made its first major purchases of U.S. soybeans after a trade war truce was called earlier this month.