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Investing.com-- China’s state-owned COFCO bought three U.S. soybean cargoes this week– the country’s first major purchases of U.S. soybeans this year– coming just before high-level trade talks this week, Reuters reported on Wednesday.
COFCO purchased about 180,000 metric tons of soybeans for December and January shipment through Pacific Northwest ports, Reuters reported, citing two trade sources.
The report comes just before a meeting between U.S. President Donald Trump and Chinese President Xi Jinping on Thursday, with the two set to hold some talks in South Korea.
China’s soybean purchases were a major source of contention for U.S. officials, who chided the country for not buying the critical commodity from U.S. farmers, amid heightened trade tensions between the world’s largest economies.
China purchased a bulk of its soybean from Argentina this year.
Still, the Reuters report spurred some optimism that the world’s biggest economies will reach more favorable trading relations after Trump and Xi meet this week.
Trump was also seen making some conciliatory statements before the Xi meeting. The U.S. president said on Wednesday that he will consider lowering his fentanyl-related tariffs against China, and will also discuss resuming advanced semiconductor sales to the country.