Our partners at Agricensus exclusively report China will offer a tariff-free quota for up to 10 million metric tons of U.S. soybeans. The international news agency cites well-placed market sources. They say Chinese government officials met with importers this week. Agricensus says the move could lead to another 150 cargoes of soybeans. The timeline of shipment wasn’t given. China also recently purchased soybeans from Brazil, an uncharacteristic move for this time of year.
The news comes as the U.S. and China work to finalize phase one of the trade deal.
On Monday, U.S. Commerce Secretary Wilbur Ross suggested it doesn’t have to be ready to sign next month, but President Donald Trump has indicated the deal would be ready to sign at the November A-PEC Summit.
U.S. Officials will talk with Chinese counterparts on Friday and next week. The World Trade Organization will review a request from China for sanctions against the U.S. It involves a case from President Obama’s time in office. China seeks 2.4 billion dollars in retaliation. Washington has challenged the validity of the WTO ruling.
