China buys 2.6M tons of US soybeans in November

Thursday, 26. December 2019 22:00

China purchased a record-breaking 2.6 million tons of soybeans from the United States in November, nearly double the amount from the previous month, the latest data revealed on Thursday, suggesting that imports of agricultural products spiked immediately after the interim trade deal between the two nations was reached. As part of the agreement, Beijing has agreed to increase farm purchases from the US by $32 billion over the next two years.

Although the imports of soybeans have boomed in the eleventh month, the US is yet to top China's biggest supplier of the crop - Brazil - which sold 3.9 million of soybeans to China in the same month. Overall, China's soybean imports have increased by 53.7% in the observed month on an annual scale.

The interim agreement is expected to be signed in January, as suggested by US officials on multiple occasions.

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