BEIJING, CHINA — China offered a tariff-free quota for 10 million tonnes of U.S. soybeans to Chinese and international soybean processors, Reuters reported, citing sources directly involved in the industry.
The waiver was expected to create a large demand for purchases, but high U.S. prices diminished the buying.
Sources told Reuters bids for U.S. soybean imports to China were 15¢ a bushel below exporter offers.
Chinese buyers recently have been purchasing Brazilian soybeans and the government warned purchasers “to be mindful of the big picture” in reference to the continued trade talks between the U.S. and China, according to another Reuters source.
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.