China buys 136,000 metric tons of soybeans

Chinese importers bought 136,000 metric tons of soybeans last week as trade talks between the U.S. and China moved toward a phase one deal.

Soybean futures traded at the Chicago Mercantile Exchange were up 0.3 percent, above $9.30 a bushel.

Soybean purchases by China have been ramped up in recent weeks as the two sides have moved closer to a deal. China bought more than 1.5 million metric tons in the final week of September, and have continued to purchase the legume through October. Earlier this year, China stopped buying soybeans as trade tensions ratcheted higher.


The U.S. and China are said to be putting the finishing touches on a partial trade deal, which they hope to sign later this month.

Full details of an agreement haven't been disclosed yet, but Beijing is said to be making concessions on financial services and agriculture. The U.S. agreed not to raise existing duties on $250 billion of Chinese goods from 25 percent to 30 percent on Oct. 15. A decision has not been made on tariffs on $160 billion scheduled for Dec. 15.

"The agriculture chapter is virtually completed,” White House economic adviser Larry Kudlow told FOX Business' Stuart Varney, adding that the financial services and currency stability parts were "virtually wrapped up."

Kudlow added that talks involving the forced transfer of technology have seen "some progress," but will likely be completed during the second part of an agreement. President Trump has said a comprehensive deal could be done in two or three parts.


The timeline for a phase one agreement was thrown into question after the Asia-Pacific Economic Cooperation summit, which was scheduled for later this month and is where Trump and Chinese President Xi Jinping had hoped to sign the deal, was canceled due to unrest in the host country, Chile.

FOX Business' R.N. White contributed to this report.