The intention of China to cancel the import duty supported the stock price of soy

After the statements of the government of China to lift in the near future import duties on certain American agricultural products with the aim of relieving tension in trade relations between the countries, the January soybean futures in Chicago rose to 328,2 $/ton, soybean meal 330,6 up to $/t

the Ministry of Finance of China announced plans to abolish import duty on soybeans and pork from the United States, but only on the basis of demands of individual companies.

stock Exchange reacted to news growth in the hope that in addition to soy and pork duties will be canceled for other positions, especially the Chinese officials did not convince traders otherwise.

Analysts believe that soon the US and China will announce the date of the signing of the trade agreement, although negotiations between them are continuing. Rumor has it that the US is blackmailing China with the intention to introduce from 15 December to 15% import duty on Chinese goods in the amount of 156 billion $, which confirmed the statement of the President at the NATO summit in London. But experts were skeptical, after analyzing the situation and seeing signs of easing tensions between the two countries.

According to published USDA report on export sales for week ended 28 November, soybean exports compared to the previous week declined by 59% to 683,8 thousand tons, in particular in China, which is the largest buyer, up to 298,6 thousand tons

Bureau of statistics of China forecasts that soybean production will increase by 13% to 18.06 million tonnes, which lowers import demand.