Trading companies linked to the Chinese government purchased roughly 1.6 million mt of soybeans from the US Gulf on Thursday evening, according to market sources.
US-China trade talks resumed on Thursday Asia time, led by US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer in Beijing.
The sources said that on Thursday evening some 1.6 million mt of US soybeans were traded from US Gulf origin, with roughly 28 Panamax vessels set for delivery between July and August. Chinese traders said PNW cargoes were also traded, adding up to a total of roughly 2 million mt of US soybeans.
“It shows that the trade talks went well on Thursday between the US and China as we have seen China restarted buying US soybeans again,” one trader said.
The latest trades mark the second purchase of US soybeans this month for Chinese government related trading companies.
“At this traded price level, we would not buy it because it is too expensive,” one trader said.
Source: S&P Global Platts