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The Chinese agricultural conglomerate Cofco Group recently bought a batch of soybeans representing "millions of tons" in the United States, said Saturday in a statement.
The purchase was part of the company's efforts to implement a "consensus" on trade agreed between China and the United States, he said in a statement posted on his website.
Soybeans have been a crucial element in easing trade tensions between the two countries. China, the world's largest soybean importer, cut back on purchases in the United States in 2018, causing prices to fall and leaving farmers struggling to sell their record crop.
China buys at least 1 million tons of US soybeans at the end of trade war negotiations
Purchases ceased in July after Beijing imposed 25% tariffs on soybeans and other US products, against similar duties imposed by Washington.
The trade war between the two ends was enough to bring US full year soybean exports to their lowest level since 2008, with shipments halving to 16.6 million tonnes.
However, the two countries agreed to a 90-day truce in early January, allowing China to resume its purchases.
China has offered to buy an additional 5 million tonnes of US soybeans in the latest round of trade talks, a White House official said Thursday.
However, market badysts have warned that US exports to China would likely not return to previous levels, even as the two countries settled their trade dispute, with China facing more South America and China. Other suppliers.
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