Chinese companies buy more than $180 million worth of United States soybeans

Chinese companies buy more than $180 million worth of United States soybeans

Chinese companies buy more than $180 million worth of United States soybeans

The tariff on American-made vehicles is the mainstay of China's response to a trade dispute that had been initiated by US President Donald Trump as part of his attempts to re-set trade relations with the Asian giant and increase manufacturing in his own country.

One U.S. trader with direct knowledge of the deals said Chinese state-owned firms bought at least 12 cargoes for shipment from January to March.

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Chinese President Xi Jinping's government has taken steps this week to soothe the USA, including a plan to cut tariffs on US cars to 15 percent from 40 percent.

"The shipments, mainly from the Pacific Northwest, will help reduce stockpile pressures for USA soybean farmers", said Li Qiang, chief analyst with Shanghai JC Intelligence Co. Chinese purchases of soybeans had collapsed by more than 90% since President Donald Trump's tariffs caused Beijing to respond with tariffs of their own on United States crops.

Brent futures added another 65 cents to $60.85, while US crude rose 60 cents to $52.25 a barrel. Futures in Chicago tumbled as a result, while the 2018 harvest had been piling up, unsold, in silos, bins and bags across the U.S. Midwest.

The U.S. Department of Agriculture in July had authorized up to $12 billion in aid for farmers and ranchers hit by the fall-out from Trump's escalating trade war with China, a major buyer of American agricultural products, and the agency outlined payments for the first half last August.

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The USDA reported export sales of USA corn in the week to December 6 at 903,200 tonnes for the 2018/19 crop year, below a range of trade expectations for 1.0 million to 1.5 million tonnes.

US auto manufacturers that were deeply affected by the US-China trade war will see their profits gain steam.

Most of the major vehicle manufacturers in the USA are unaware of the lower tariff rule on imported cars to China. "We need follow-up sales in short order in order to keep the momentum higher in soybeans".

China this year has relied on Argentina and top exporter Brazil for most of its soybeans used to feed the world's largest pig herd.

Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer held a tele-conference with Chinese Vice Premier Liu He Monday night, The Wall Street Journal reported. Brazil will start harvesting its next crop in early 2019 - leaving a window for the sell.

"I think they're looking to do it immediately, very quickly", he said in the interview. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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