North Dakota congressional leaders are generally hopeful in their reactions to news that Europe and China may be buying more soybeans in the next several months.
There are reports China has been inquiring about soybean prices for February and March deliveries, although nothing official has been announced.
Business website Bloomberg reports a Chinese state stockpiler purchased close to 1.5 million tons of soybeans for deliveries between now and March but, again, there has been no official word on the deals.
Still, talk of China just checking into prices has given a small bump to soybean futures prices.
The U.S. and China are scheduled to meet face-to-face in Beijing next week for another round of trade talks.
“This is good news,” North Dakota Congressman Kelly Armstrong posted on his congressional Facebook account. “I’m glad China is coming to the table on trade negotiations and I’m glad they’re coming to our markets for more American soybeans.”
Meanwhile, Bloomberg reports the European Union is getting ready for another round of U.S. commodity purchases, including soybeans.
Europe is second only to China in U.S. soybean imports.
Since July 2018, Europe has imported 5.4 million tons of U.S. soybeans, double its purchases from the same period last year.
North Dakota Senator Kevin Cramer calls that news “encouraging.”
I am optimistic this administration will continue to work with our trading partners to open up markets and deliver better deals for North Dakota’s agricultural community,” Cramer posted on his Facebook account.