Private exporters reported the sale of 132,000 tonnes of US soyabeans to China on Friday, the latest in a string of purchases the top buyer of the oilseed has booked as the world's two largest economies negotiate to end a bilateral trade war that has lasted more than a year.
The deal, which calls for delivery by Aug. 31, brings China's total US soyabean purchase commitments to 6.322 million tonnes for the marketing year. Since Sept. 1, the beginning of the marketing year, 1.64 million tonnes of US soyabeans have been exported to China, according to US Agriculture Department data.
Two years ago, before the trade war started, China had booked deals for 16.0 million tonnes of US soyabeans and 8.51 million tonnes had been shipped by the end of October.
US and Chinese negotiators have been racing to finalize text of the "phase one" agreement for US President Donald Trump and Chinese President Xi Jinping to sign, a process clouded by wrangling over US demands for a timetable of Chinese purchases of US farm products.
Chile's decision to cancel the Nov. 16-17 Asia-Pacific Economic Cooperation summit in Chile threw a wrench in plans for Trump and Xi to sign a deal on the sidelines of the meeting. Trump said on Thursday the United States and China would soon announce a new site.
US Commerce Secretary Wilbur Ross said on Friday that "phase one" appears to be in good shape and is likely to be signed around mid-November. Lead trade negotiators from both the United States and Chine are expected to speak by telephone on Friday.
Ross added that there will be "some very good-sized transactions" announced while he is at a three-day summit of Southeast Asian nations in Thailand.
At 8:49 a.m. CDT (1349 GMT), Chicago Board of Trade January soyabean futures were up 3 cents at $9.35-1/4 a bushel.
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