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GFMM desk: On Friday, US official data released showed that trade agreements between the world's two top economies are under uncertainty. In the meantime their business activities are going on. Because, China has continued to buy U.S. farm products since the beginning of November.
The U.S. Agriculture Department’s weekly report on export sales showed that Chinese buyers booked deals to purchase 760,527 tons of soybeans in the week ended Nov. 7. U.S. exporters also shipped out 693,527 tons of the oilseed China.
China was the top buyer of U.S. soybeans during the week, accounting for 61 percent of the weekly total of 1.256 million tons. The United States is typically the top exporter of soybeans to China during the fall, with supplies abundant as farmers harvest their crop.
U.S.-China trade talks are set to continue with a telephone call on Friday as both sides seek to hammer out a phase one trade pact, U.S. Commerce Secretary Wilbur Ross said, adding that progress was being made on the agreement’s details.
Since the start of the marketing year on September 1, Chinese buyers have committed to buying 8.036 million tons of U.S. soybeans, including 129,000 tons in a deal the government announced on Thursday. Of that total, 3.153 million tons have been shipped so far.
At this time last year, 647,990 tons in soybean sales had been booked by Chinese buyers and 339,003 tons had been shipped. Two years ago, before the trade war began, soybean export sales to China totaled 18.647 million tons, with 13.268 million tons shipped, by mid-November.
Pork export sales to China totaled 5,549 tons during the week, the biggest in a month. The USDA said that 10,933 tons of U.S. pork was shipped to China during the reporting period, in line with recent weeks.
Source: Reuters
SZK
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