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China, U.S. recommit to phase one trade obligations at Hawaii meetings
Corn and soybean markets are trending higher on the news of China planning to accelerate purchases under the phase one trade deal.
Secretary of State Mike Pompeo and China’s top foreign policy person have been talking at meetings in Hawaii this week. Pompeo tweeted Thursday that Chinese officials recommitted to honoring the obligations of the phase one trade deal.
Bloomberg reports Chinese importers increased U.S. soybean purchases after Beijing wanted to stop U.S. purchases in early June. USDA data shows China bought about 2.2 million metric tons of soybeans in the two weeks ending June 11th and there have been additional purchases to China and unknown destinations since then.
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