American soybean exporters sold several cargoes to Chinese state-run buyers, according to people familiar with the matter, showing that some transactions are still going through even after officials in Beijing ordered a pause in some purchases.
Shippers sold as many as four cargoes of U.S. soybeans from the new crop, said the people, who asked not to be named because the information is private. State-run stockpiler Sinograin was bidding earlier for Pacific Northwest cargoes, the people said.
Chinese government officials have told major state-run agricultural companies to halt imports of some American farm goods including soybeans, people familiar told Bloomberg News on Monday. Beijing is evaluating its situation with Washington after President Donald Trump on Friday criticized China for imposing a controversial new national security legislation on Hong Kong.
The ministry of commerce did not immediately respond to a fax seeking comment. Officials from Sinograin and Cofco also didn’t respond to calls.
There are some exceptions to the order that state-run buyers Cofco and Sinograin halt American soy purchases, one of the people said. One exception is when state-buyers import on behalf of private firms, who are not affected by the halt, the person said. Another is when the state-buyers need the beans to cover their derivative positions, and a third exception is if there are already ongoing transactions, the person said.
(Source Bloomberg)