Today is 07/08/2020

Analyst: China allowed the US soybean import up to 5 million tonnes free from additional tariffs

Last weekend, China said in a release that it would support relevant companies in purchasing a certain amount of U.S. farm products such as soybean and pork, and Customs Tariff Commission of the State Council would exclude those products from the additional tariffs.
Chinese government had told five privately-owned crushers that they would exempt punitive taxes of 30% that had arisen because of the trade war on up to 5 million tonnes of US soybean imports, an industry analyst said. At least 600,000 tonnes had been purchased last Thursday. China's repurchase of the US soybean was also confirmed by the U.S. Department of Agriculture, which reported Monday that private exporters sold 256,000 tonnes of soybeans to China for delivery in 2019/20. Last Friday, the USDA reported that private exporters sold 204,000 tonnes of soybeans to China for delivery in 2019/20. The U.S. soybean market year begins on September 1.