Chinese state-owned firms bought at least 1 million tons of American soybeans on Friday, a day after high-level bilateral talks yielded progress on a trade deal and the Chinese agreed to buy more American soybeans. United States soybean futures rallied on Friday on news of renewed demand from the world’s top importer. But the market’s gains were restrained by worries that Chinese purchases would barely dent the huge soybean stockpiles in the United States and around the world. The looming harvest of a large soy crop in Brazil, the world’s top supplier, further kept a cap on prices. “Brazilian offers are cheaper than we are so it’s just part of the negotiation.”

Source: New York Times February 02, 2019 19:40 UTC