Private exporters reported their second major sale of U.S. soybeans to China as the two nations prepare for working-level meetings to resolve their trade war, said the USDA on Monday. Mid-level negotiators are expected to meet on Friday, ahead of ministerial discussions in early October.
In two days, China purchased a total of 460,000 tonnes of soybeans worth about $151 million based on futures prices in Chicago; 256,000 tonnes in a sale reported on Monday and 204,000 tonnes reported on Friday. Exporters are required by law to report promptly sales of 100,000 tonnes or more of soybeans or other commodities.
The president of the U.S. Chamber of Commerce told reporters that U.S. trade representative Robert Lighthizer was seeking “a real agreement” with China. Lighthizer met business executives on Monday and Chamber president Tom Donohue held a news conference afterwards. “He (Lighthizer) laid it out by saying this is an extraordinary challenge and when it all fell apart some months ago, they were very, very close to a workable agreement,” said Donohue, according to Politico.