Chinese purchases of soybeans from the U.S. appear to have stalled only two weeks after the U.S. touted a wide-ranging trade truce between the two countries.
Bloomberg said it appeared to show a thawing in relations between the world’s biggest economies.
Chinese imports of American cargoes seem to have faltered after a flurry of orders in October. That’s according to traders who asked not to be identified while discussing confidential information with Bloomberg.
“The traders said they were not aware of any new shipments,” Bloomberg said. “The pause is causing significant uncertainty over whether the biggest consumer of American soybeans will be back in the market at a level the White House claimed to expect.”
An agricultural broker with StoneX in Singapore said many experts view China’s commitment to purchase 12 million tons of U.S. soybeans this year to be more of a diplomatic gesture than a firm agreement.
