The USDA reports through its Daily Sales Reporting System, which tracks bulk transactions, that private exporters have sold 398,000 tons of US soybeans to China. This is the second "flash sale" of soybeans to China, the world's largest soybean importer, this week.
The Department of Agriculture also confirmed that the United States had exported 118,000 tons of soybeans and a record number of pork to China in the week ending October 3, including 18.81 million tons shipped this year and 123,362,000 tons shipped in 2020.
The series of deals came before the start of the lead-level talks in Washington on Thursday between the United States and China aimed at ending a 15-month trade war. The trade war disrupted global markets and led to a sharp decline in U.S. agricultural exports to China.
China is the world's largest pig and pork market. This year's U.S. pork exports to China were disappointing, and China was expected to buy a lot of U.S. pork. The deadly African classical swine fever virus has led to a sharp decline in the number of live pigs in China, tightening the supply of pork, which is the most popular among Chinese people, thus driving up domestic pork prices in China.
"Nobody has seen such data," said Bob Brown, an independent animal husbandry analyst in the United States. "Our current prices are very moderate, especially compared with Europe, which is another big source of supply for them."
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