China is back buying more U.S. soybeans. USDA is reporting a sale of 926,000 mt for delivery this year or early next year. This comes on the heels of a buy last week of 664,000 mt. That brings the total purchase in just under a week to 1,590,000 mt.
Last week, industry insiders told us China may be buying somewhere between 500,000 mt and 2.5 mmt.
As for work on a possible trade deal between the U.S. and China, Chinese officials say they are working with their U.S. counterparts night and day. The Chinese Vice Commerce Minister said he was optimistic about the next step in the trade war talks telling reporters, "The two delegations are still working on the documents for a trade deal day and night now."
He said slapping tariffs on each other was bad for workers, farmers, exporters, and manufacturers.
U.S. Ambassador to China Terry Branstad said negotiators need to further narrow the gap in their positions, including over the enforcement of a potential trade deal before a summit with China can be organized.