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Trade disappointed China hasn’t been more aggressive buying soybeans

Traders are disappointed China hasn’t been more aggressive since announcing it would resume purchases of U.S. soybeans.

Al Kluis with Kluis Commodities in Wayzata, Minnesota says the Chinese have bought about 55 million bushels since the trade war truce began.

“I was hoping it would be more like three or five million metric tons.  Let’s get 100 to 200 million bushels on the books and get it moving.  It’s just such a token small amount.”

He tells Brownfield there’s an old saying in the grain markets.

“You’ve got to feed a bull (market) everyday.  And each day we don’t get a soybean announcement from China, or more (specifically) a large soybean announcement from China, I think prices will struggle.”

January soybeans settled just above $9 dollars Friday, down 6 ½ cents.