China’s imports of US soy hit two-year high

Bloomberg

China’s imports of US soybeans rose to the highest in 20 months in November after more American cargoes cleared customs ahead of the signing of a partial trade deal in January.
China’s inbound shipments from the US surged to 2.6 million tons, the highest since March 2018, and up from about 1.1 million tons in October. China imported almost no US soybeans in November last year, customs data show.
Chinese companies are likely to continue purchasing American soybeans as the two countries are expected to sign the partial trade deal in early January. The country has been issuing regular tariff waivers for domestic firms to buy US soybeans. The waivers cover the 30% retaliatory tariffs on American soybeans.
China’s total commitments in the current marketing year reach 10.5 million tons.
, compared with 2 million tons the previous year, US Department of Agriculture data showed.
China is reviewing retaliatory tariff exemptions for $60 billion of US goods and will release a list of products eligible for an exemption at an “appropriate time,” China’s customs said in a statement.
The nation bought 3.9 million tons of soybeans from Brazil, the largest supplier, up from 3.8 million tons in October and 5.1 million tons in November last year.