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By Karl Plume
CHICAGO (Reuters) – Chinese importers bought nearly 10 shipments of US soybeans on Monday following trade talks with deputy ministers in Washington last week. They were overshadowed by the brutal cancellation of an official visit to the farm by Chinese agricultural officials.
Contracts for about 600,000 tonnes destined to be shipped from Pacific Northwest export terminals from October to December were similar in size to a wave of purchases earlier this month, said two traders with direct knowledge of the markets.
Future US benchmark soybeans at the Chicago Board of Trade <0#S:> Rising purchases boosted the market's largest rise by about 1.5% since Chinese buyers bought a significant amount of US soybeans on September 12th.
Purchases of US agricultural products such as soybeans, the most valuable agricultural product in the United States, and pork meat are considered essential for the conclusion of an agreement ending a bilateral trade war that has been going on since then. more than a year.
A trade deal seemed elusive at the end of last week after Chinese authorities unexpectedly canceled a visit to farms in Montana and Nebraska and after US President Donald Trump declared that purchases of agricultural products would not be made. not enough.
The US and Chinese authorities have since said that the negotiations went well and that preparations for the high-level talks next month were on track.
Monday's soybean agreements were among the largest of Chinese private importers since Beijing raised US import duties of 25% on US soybeans in July 2018, in retaliation for US duties imposed on US soybeans. Chinese products.
Other soy purchases over the past year have been made almost exclusively by Chinese state-owned companies, which are exempt from high import tariffs.
(Report by Karl Plume in Chicago, edited by Matthew Lewis)
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