The traders said the soyabeans were due for shipment from Pacific Northwest export terminals from October to December. The purchases were similar in size to a wave of sales to China reported earlier this month. The latest bookings were among the largest by private Chinese importers since Beijing raised import tariffs by 25% on US soyabeans in July 2018 in retaliation for US duties on Chinese goods. Other soyabean purchases over the past year have been made almost exclusively by state-owned Chinese firms, which are exempted from the steep import tariffs.
China has given new waivers to several importers to buy US soyabeans exempt from retaliatory tariffs, in a goodwill gesture ahead of high-level trade talks next month, two sources familiar with the matter said on Tuesday. The waivers, offered in two batches, total around 5 million to 6 million tonnes, according to one of the sources.
US President Donald Trump delivered a stinging rebuke to Beijing's trade practices in a speech at the UN General Assembly on Tuesday, saying he would not accept a "bad deal" with China on trade. Wang Yi, China's foreign minister and state councilor, said Beijing would not bow to threats, including on trade, though he said he hoped a round of high-level trade talks next month would produce positive results.