China’s top trade negotiator is expected to travel to Washington next week. It comes on the heels of the U.S. and China wrapping up another round of trade negotiations in Beijing on Friday.
The week ended with China buying more U.S. agriculture product. USDA confirmed China bought 816,000 mt of soybeans.
Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer, and U.S. Treasury Secretary Steven Mnuchin posed for photos after they wrapped up meetings, but they did not comment about the state of negotiations. Reuters reports China has made “unprecedented” offers in talks about forced technology transfers, but National Economic Council Larry Kudlow said the Trump administration is prepared to keep negotiating for weeks or even months in the quest for “a great deal”.
New numbers from USDA also show China has purchased U.S. corn. It reported export sales from March 15th to March 21st. The numbers show China was the top buyer of corn during that period. It bought 300,000 mt. Total corn sales were 905,500 mt. Wheat saw net sales of 475,000 mt. That’s up 59% from the previous week. The top buyer of wheat was Mexico. Soybeans had net sales of just 181,000 mt. That’s down 52% from the week before.
USDA also reported a flash sale of 150,000 mt of hard red winter wheat to Iraq.