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China Buying More U.S. Soybeans

China has bought a second round of U.S. soybeans this month, the first purchases of U.S. soybeans by China since the beginning of a tit-for-tat trade war. The Department of Agriculture announced exporters sold 1.1 million metric tons to China for delivery by August 31st.

The sales follow a trade war cease-fire to allow the U.S. and China to discuss a trade agreement of some sort by March of 2019. China is the largest buyer of U.S. soybeans, but halted purchases after implementing a 25 percent tariff on U.S. soybeans in retaliation to U.S. tariffs on Chinese goods.

China had pledged to begin purchasing U.S. agricultural products following a meeting with President Trump at the G20 Summit. Meanwhile, Trump is reportedly seeking to meet with China in January to further advance trade talks.

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