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China buys more U.S. soybeans, pork, trade talks viewed differently by U.S., China


SD Ag Connection - October 14, 2019

WASHINGTON, DC - Chinese importers stepped up purchases of U.S. agricultural goods ahead of high-level trade talks in Washington last week including another wave of soybean deals and the country's record largest weekly purchase of American pork, U.S. data showed on Thursday.

Reuters reports that private exporters sold 398,000 tonnes of U.S. soybeans to China, the Department of Agriculture (USDA) reported via its daily sales reporting system that tracks large purchases. It was the second daily "flash sale" of soybeans this week to the world's top soybean importer.

USDA also confirmed a net 1.18 million tonnes in soybean sales to China in the week ended Oct. 3 and record-large sales of pork, including 18,810 tonnes for shipment this year and 123,362 tonnes for shipment in 2020.

The flurry of deals came ahead of high-level U.S.-China trade talks in Washington that started on Thursday aimed at ending a 15-month trade war that has rattled global markets and slashed U.S. farm product exports to the world's top commodities importer.

U.S. pork sales to China, the world's biggest hog and pork market, had been largely disappointing this year following forecasts for massive purchases. Chinese domestic prices are soaring as the deadly African swine fever virus has decimated the country's hog herd, tightening supplies of China's favorite meat.

China and the U.S. held trade talks in Washington last week that ended with Trump saying both sides reached a, "very substanial phase-one deal." As part of that deal, China will address intellectual property concerns raised by the U.S. and buy $40 billion to $50 billion worth of U.S. agricultural products. In exchange, the U.S. agreed to hold off on a tariff hike set for this week. 

Beijing’s version of the same trade talks stands in sharp contrast to the way President Trump has described them. According to Chinese state media, there has been a "result," there has been "progress" but there has been no "deal." 

 

 

 



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