China snapped up a small volume of US soybeans last week after pledging to halt purchases of American farm products due to the escalating trade war between Washington and Beijing, US Department of Agriculture data showed, reported Reuters.
The world’s largest soybean importer struck deals from Aug. 9 to 15 to buy 9,589 tons for delivery in the current marketing year and 66,000 tons, approximately one cargo, for the next year, the data showed.
China’s Commerce Ministry said on Aug. 5 that Chinese companies stopped buying US farm products in the latest escalation of the trade war between the world’s two largest economies.China has largely turned to South America for soybeans since the trade war began last year. US soybean sales to China in 2018 dropped 74% from the previous year.