China is reportedly making its first buy of U.S. soybeans since the trade truce was declared. Reuters is reporting Chinese state-owned companies bought at least 500,000 tonnes of U.S. soybeans on Wednesday. That, plus an earlier statement made by President Trump sent soybeans soaring.
President Trump told Reuters in an interview, "They're buying tremendous amounts of soybeans. They're back in the market...I just heard today that they're buying tremendous amounts of soybeans. They are starting just now."
On Monday, Bloomberg News reported China was decided whether to buy 5 mmt or 8mmt of U.S. soybeans for state reserves.
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