China Signals that Purchases of US Soybeans Hinge on Tariff Removal

China, the world’s biggest buyer of soybeans, has yet to book any U.S. soybean cargoes from its autumn harvest.

China trade deal
soybeans
(AgWeb)

The United States should remove what China described as unreasonable tariffs and create conditions to expand bilateral trade, a Chinese commerce ministry spokesperson said on Thursday when asked if China would purchase U.S. soybeans.

China, the world’s biggest buyer of soybeans, has yet to book any U.S. soybean cargoes from its autumn harvest, traders have said, opting for South American supply instead.

U.S. farmers stand to miss out on billions of dollars of soybean sales because of unresolved trade tensions that have halted exports to China.

Senior Chinese trade negotiator Li Chenggang on Monday met political and business leaders from the U.S. Midwest, where the bulk of American soybeans are harvested, signalling that the world’s second-largest economy could purchase some American soybeans ahead of more wide-ranging trade talks.

However, disagreement on technical details appears to be complicating negotiations, with Chinese and U.S. trade officials set to meet again at the U.S. Treasury on Thursday.

“Regarding the trade of soybeans, the United States should take positive action to cancel the relevant unreasonable tariffs to create conditions for expanding bilateral trade,” commerce ministry spokesperson He Yadong told a news conference.

(Reporting by Joe Cash and Ryan WooEditing by Jacqueline Wong and David Goodman)

AgWeb-Logo crop
Related Stories
Day 1 of the Pro Farmer Crop Tour highlights a deeply divided Corn Belt. Scouts find drought-damaged corn but surprisingly resilient soybeans in the West, while the East battles mud and highly uneven maturity.
Naomi Blohm of Total Farm Marketing says corn, soybeans and wheat had strong technical closes on Friday and for the week. What will it take to keep going?
Weather extremes are creating challenges, but growers can still make agronomic decisions between R4 and R6 to help protect yield potential.
Read Next
Retired and disabled, Ron Hines was hounded for giving online animal health advice. No one ever complained. Except the state.
Get News Daily
Get Market Alerts
Get News & Markets App