China has made its largest purchase of U.S. soybeans in two years, with a deal for nearly a million tons, showing that Beijing is still fulfilling its trade truce commitments with Washington. Sources said that COFCO ordered about 20 ships of soybeans from U.S. Pacific Northwest ports and Gulf of Mexico terminals on Monday, which will arrive in December and January. This purchase breaks the previous stagnation and renews market expectations for the resumption of Sino-U.S. soybean trade. Chicago soybean futures rose more than 3% following the news. Previously, China had suspended imports of U.S. soybeans and turned to South American suppliers. The U.S. said that China has promised to buy 12 million tons of U.S. soybeans by the end of the year and 25 million tons annually for the next three years. Although the Chinese side has not confirmed specific figures, it has reduced tariffs and lifted bans on some U.S. exporters. Trump said that China is resuming purchases and said "large-scale purchases will begin before spring."
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Original: www.toutiao.com/article/1849288539690187/
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