Chinese buyers seek US soybean offers, tariff suspended for 5m mt

Chinese soybean importers have started to ask for offers for 5 million mt of US soybeans primarily loading off the Pacific Northwest, several market sources told Agricensus Thursday.

Punishing import tariffs of 30% for US beans have been removed for up to 5 million mt, according to market sources, with enquiries for cargoes loading off the Pacific Northwest for the fourth quarter of the year.

Two market sources from an international trading house and a brokerage said the five companies that can import soybeans without the additional tariffs are Jiusan, Wilmar, Chinasea, Bohai and Hopefull.

Chicago soybean futures are up over 2% on the news.