China made its biggest daily purchase of soybeans from the United States since November on Wednesday, the latest sign of improving trade ties as Beijing moves towards fulfilling commitments announced after US President Donald Trump’s summit with Chinese leader Xi Jinping.
The US Department of Agriculture said private exporters reported sales of 472,000 tonnes of soybeans for delivery to China, the greatest daily export sale to the country since November.
“China has a long way to go to reach their commitments, but this is a positive signal that they have intentions to do so,” said Mark Knight of grain merchandising firm Farmer’s Keeper, adding the purchase had been rumoured in the marketplace for several days.
“Like this week’s purchases, I would also expect China to show good faith in September when Xi visits,” Knight added, referring to the Chinese leader’s planned visit to Washington later this year.
The purchases come after Trump and Xi’s high-stakes Beijing summit in May, and a general commitment about US agricultural products that surfaced two days after the talks in a brief White House statement.
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