WASHINGTON, D.C., U.S. — The sale of 264,000 tonnes of soybeans for delivery to China during the 2019-20 year was reported to the U.S. Department of Agriculture (USDA) by private exporters.
According to Reuters, this purchase is the first U.S. government confirmation of a soybean export since an Oct. 11 statement by U.S. President Donald Trump saying China would buy $50 billion in U.S. ag products as part of an ongoing trade deal.
The United States and China have been in an ongoing trade dispute since China raised import tariffs by 25% on U.S. soybeans in July 2018 in retaliation for U.S. duties on Chinese goods. Both countries have continued to work on resolving the ongoing trade issues.
The purchase also comes after China offered a tariff-free quota for 10 million tonnes of U.S. soybeans to Chinese and international soybean processors on Oct. 23. The waiver was expected to create a large demand for purchases, but high U.S. prices diminished the buying.