China buys 10 boatloads of US soybeans after mid-level trade talks

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Chinese companies imported roughly 10 boatloads of soybeans from American farmers on Monday following mid-level trade talks, Reuters reported.

The deals for about 600,000 tons of soybeans were similar in size to a wave of buying earlier this month, two traders told Reuters.

{mosads}Purchases of U.S. agricultural products like soybeans are seen as key to securing a deal to end the over a yearlong trade war between China and the U.S.

The renewed soybean purchases come after Chinese officials abruptly canceled plans to tour farms harmed by Beijing’s tariffs on American agricultural goods.

The cancellation was seen as a setback to negotiations, but officials have since said that talks went well and that plans for high-level talks remain scheduled for next month.

Soybeans and pork are among the top two U.S. exports to China, a crucial market for American farmers. China has used its leverage over the U.S. farm sector to retaliate against President Trump’s tariffs on Chinese goods.

Beijing raised import tariffs by 25 percent on U.S. soybeans in July 2018.

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