US soyabean exports to China rise for first time in 9 months
US trade data released Wednesday showed that the 2.1m tonnes of soyabeans the US shipped to China in February was 5,900 more than in February 2018. The last time exports rose on an annual basis was in May 2018, the data showed.
Soyabeans were traditionally the largest US agricultural export to China, with sales of more than 30m tonnes per year. The shipments dropped to 8.3m tonnes in 2018 after China imposed a 25 per cent tariff last July.
China has committed to buying at least 20m tonnes of US soyabeans to sweeten ongoing trade negotiations with Washington, though the tariffs remain in place. The purchases have been made by Sinograin and Cofco, two Chinese state-owned entities, industry executives said.
In total, the US exported 4.6m tonnes of soyabeans to the world in February, the highest amount for that month since February 2016, the data from the US Department of Agriculture showed.