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China to Pledge More U.S. Soy Imports During Trump Visit
USAgNet - 11/08/2017

China will commit to buy more U.S. soybeans during President Donald Trump's visit to Beijing this week, a U.S. industry official said, underlining the importance of trade in farm goods even as tensions grow between the world’s top two economies. China is the world's biggest soybean importer and the U.S. is its second largest supplier.

According to Reuters, Chinese soybean buyers will sign a letter of intent with the U.S. Soybean Export Council committing to purchasing a certain volume of soybeans in the future.

The volume under the new deal will be 'much less' and will reflect orders due to be signed in the current marketing year that were not included in the July agreement. But China will also promise to buy more U.S. soybeans in future, according to a source familiar with the plan.

A signing ceremony is scheduled to take place as Trump meets Chinese President Xi Jinping.

China will also promise to buy more U.S. beef, barley and dairy products, including cheese, the source said. China dropped a 14-year ban on U.S. beef imports this year.

The U.S. sold 20.7 million tonnes of beans to China in the first nine months of this year, up 14.8 percent from a year ago. In 2016, it sold 38.2 million tonnes, or 40 percent of China's total soybean imports.

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