China Buys 500,000 Tonnes of U.S. Soybeans

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China bought at least 500,000 tonnes of U.S. soybeans today, Reuters reported.

According to Reuters, Chinese state-owned companies Sinograin and Cofco bought at least $180 million of soybeans from Cargill Inc., Louis Dreyfus Company, and CHS Inc.

One U.S. trader knew of nine cargoes traded. A second trader told Reuters that Chinese state-owned firms bought at least 12 cargoes for shipment between January and March.

The most actively traded January contract climbed as high as $9.28 per bushel, said Reuters.

This follows an interview Reuters had with President Trump, in which he said that China was buying a “tremendous amount” of soybeans.

The tariff Beijing imposed on U.S. soybeans remains in effect, although experts suggest this is a good sign that the trade war may be thawing.

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