Chinese importers bought about 10 boatloads of US soybeans on Monday following deputy-level trade talks in Washington last week that were overshadowed by the abrupt cancellation of a US farm state visit by Chinese agriculture officials. The deals for about 600,000 tonnes, slated for shipment from Pacific Northwest export terminals from October to December, were similar in size to a wave of buying earlier this month, two traders with direct knowledge of the deals said.

Benchmark US soybean futures on the Chicago Board of Trade jumped about 1.5% on news of the renewed buying, the market's steepest rise since Chinese buyers bought a large volume of US soybeans on Sept. 12. Purchases of US agricultural products like soybeans, the most valuable US farm export, and pork are seen as key to securing a deal to end a bilateral trade war between the United States and China that has lasted more than a year.

A trade deal appeared elusive late last week after Chinese officials unexpectedly canceled a visit to farms in Montana and Nebraska and after US President Donald Trump said that agricultural purchases would not go far enough. US and Chinese officials have since said that talks went well and plans for high-level talks next month remain on track.

Copyright Reuters, 2019