percent on Friday to a seven-week high after China’s commitment to buy more US agricultural products, like 5 million tons of so
beans which US President Donald Trump described as “a tremendous purchase.”
This development lowered the expectation for some major soybean exporters such as Brazil, according to an industry representative.
“Soy prices in CBOT tend to reflect a more balanced scenario, in which US products will n
ot be undervalued compared to other sources, like Brazil and Argentina,” Daniel Furlan Amaral, chief
-economist of the Brazilian Association of Vegetable Oil Industries (ABIOVE), told the Global Times.
Brazil’s association of vegetable oil producers has cut its estimate of soybean exports in 2019 by 5 percent.
It has been the most constructive discussion between the two sides since the trade war b
egan, which showed sincerity on both sides, said Wei Jianguo, former Chinese vice minister of commerce.
“Delegations from China and the US had looked into trade issues and thoroughly studie
d them to find a way of reaching a concrete deal before the deadline in March,” he said.