China is officially buying U.S. soybeans again, which is good news for American agriculture.
This week’s purchase amount was one for the record books. A Farm Journal report says the latest U.S. Soybean Export Sales Report from USDA shows that China bought 1,130,000 metric tons of soybeans. To give that amount some perspective, it’s the ninth-largest one-day purchase in ten years. It’s also the biggest Chinese soybean buy in the four years.
President Trump told reporters, “They’re buying tremendous amounts of soybeans. They’re definitely back in the market.” Reuters says it seems to affirm the trade truce that the U.S. and China reached on December 1st. It is still unclear whether China’s retaliatory tariffs on U.S. soybeans and other farm goods will be dropped as a part of the temporary truce.
There’s also no word on whether or not the countries can resolve the longer-term disputes, including forced technology transfers and intellectual property theft within 90 days. That’s when President Trump said additional tariffs will go into effect and the trade war would resume.