WASHINGTON, D.C., U.S. – Chinese importers purchased about 10 boatloads of U.S. soybeans on Sept. 23 following deputy-level trade talks in Washington, D.C., U.S., last week, Reuters reported.
The soybean deals were among the largest by private Chinese importers since China raised import tariffs by 25% on U.S. soybeans in July 2018 in retaliation for U.S. duties on Chinese goods, according to Reuters.
News of the purchase sent benchmark U.S. soybean futures on the Chicago Board of Trade about 1.5% higher on Monday, the market’s biggest grain since China bought a larger volume of U.S. soybeans earlier this month.
The purchase comes just days after Chinese officials unexpectedly canceled a visit to farms in Montana and Nebraska and after U.S. President Donald Trump said that agricultural purchases would not go far enough.
Reuters reported that U.S. and Chinese officials have since said that talks went well, and plans remain on track for higher-level talks in October.