China’s import of US soybeans surged to 2.6m tonnes in November, hitting the highest level since March 2018. That compared to 1.1m tonnes in October and virtually zero from a year ago. On the other hand, soybean shipments from Brazil was nearly unchanged at 3.9m tonnes, comparing to 3.8m tonnes in October, but down -24% from 5.1m tonnes last year.
Agricultural purchases by China is set to rises further as the US and China are set to sign the phase one trade deal soon, likely in January. US President Donald Trump said on Tuesday that “we will be having a signing ceremony, yes. We will ultimately, yes, when we get together. And we’ll be having a quicker signing because we want to get it done. The deal is done, it’s just being translated right now.”
Chinese Foreign Ministry spokesman Geng Shuang said on Wednesday, “both sides’ economic and trade teams are in close communication about detailed arrangements for the deal’s signing and other follow-up work.”
