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China Leaves U.S. Soy Exporters' Conference Without Purchasing
USAgNet - 08/31/2018

An annual U.S. soy exporters' conference wrapped up on Wednesday without any known sales to Chinese buyers, in sharp contrast to previous years where billions of dollars of the main U.S. cash crop have been signed over to China in elaborate ceremonies.

Reuters repors that the U.S.-China trade dispute has effectively halted bilateral trade of soybeans and U.S. farmers are concerned that soy export demand will fall short during their primary shipping season this autumn, when they expect to harvest a record-large crop. Delegations from other countries including Mexico inked deals for U.S. soybeans, but volumes were smaller than past deals to China.

A delegation of Chinese soybean importers did attend the U.S. Soybean Export Councilís (USSEC) annual Global Trade Exchange conference in Kansas City, however. They toured a Missouri farm on Tuesday, climbing aboard a John Deere combine before loading into a bus to eye nearly ripe soy plants.

The delegation, which includes many of Chinaís top soybean processors including COFCO and Yihai Kerry, as well as Chinese representatives of U.S. companies Cargill Inc [CARG.UL] and Bunge Ltd (BG.N), met with U.S. farmers, industry representatives and traders.

Top importer China bought more than $12 billion in U.S. soybeans last year, about 60 percent of U.S. soybean exports, but has been mostly out of the market since Beijing imposed a 25 percent tariff on all U.S. shipments on July 6 in retaliation for U.S. tariffs on Chinese goods.

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