China Renews Soybean Imports From US Suppliers
Decision Follows Trade Truce After Trump-Xi Summit
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China has lifted its suspension on soybean purchases from three American suppliers, further easing tensions over agricultural trade between between Beijing and Washington.
The Asian nation will reinstate soybean export qualifications from Nov. 10 for CHS Inc. and two other U.S. companies that had beenÌýhaltedÌýsince March, according to a statement released by China’s Customs.
The decision follows last week’s meeting between President Donald Trump and his counterpart, Xi Jinping, a summit that produced a trade truce that set China back on the path to buying American farm goods again.
China, the world’s largest soybean importer, had avoided U.S. supplies in the months leading up to the talks. The U.S. now says Beijing has agreed to buy at leastÌý12 million tonsÌýof soybeans this year, with annual purchases expected to rise to 25 million tons over the next three years.
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Still, the U.S. government shutdown has kept traders in the dark on the full extent of China’s buying since the summit. Reports on any sales over 100,000 tons wouldÌýnormally be postedÌýwithin 24 hours by the Department of Agriculture, but those disclosures are currently paused. At least a handful ofÌýcargoesÌýare known to have been purchased, Bloomberg reported last week.
In another move, China also lifted its suspension on imports of U.S. logs, the customs office said in a separate statement.
