USDA reports large US soybean sale to China ahead of Trump-Xi meeting

CHICAGO: The US Department of Agriculture (USDA) on Friday reported a large soybean sale to China in a surprise deal ahead of a meeting at the G20 summit between US President Donald Trump and Chinese president Xi Jinping.

The USDA said Chinese importers bought 544,000 tonnes of US soybeans for shipment in the 2018/19 marketing year which expires on Aug. 31.

It was the largest US soybean sale to China since late March, USDA data showed.

Chicago Board of Trade soybean futures rose to session highs after the USDA announcement before paring gains as the market awaited government data on planted acres and quarterly stocks due later on Friday morning.

Trump and Xi are due to meet at the G20 summit in Osaka, Japan, on Saturday for the first time in seven months as the US-China trade war enters its second year.

Trump said on Friday he hopes for productive talks but made no promises about a reprieve from escalating tariffs that have cast a shadow on global growth.