China has ordered state-owned firms to halt purchases of U.S. farm goods, including soybeans and pork, after Washington said it would begin the process of eliminating special treatment for Hong Kong
The purchases, totaling at least 180,000 tonnes of the oilseed, were for shipment in October or November, the peak U.S. soy export season when American soybeans are usually the cheapest in the world, three U.S. traders with knowledge of the deals said.
Earlier, two sources familiar with the matter said China had told state-owned firms to halt large-scale U.S. soybean and pork purchases, and one of the sources said state purchases of U.S. corn and cotton have also been put on hold. Any sustained halt in buying would further threaten progress toward goals reached under the Phase 1 trade deal signed in January. China pledged to significantly boost purchases of U.S. agricultural products, after slashing imports during the bruising trade war.
Chinese importers canceled 10,000 to 20,000 tonnes of American pork shipments, equivalent to roughly one week’s orders in recent months following Trump’s comments on Friday, the source said. U.S. corn, wheat and lean hog futures weakened on Monday due to concerns about rising trade tensions. Soybeans were flat. [GRA/]
China has also been purchasing soybeans in recent weeks from Brazil, during that country’s peak export season.
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