BEIJING, Nov 11 (Reuters) - State trader COFCO's oilseed
unit said on Monday it has signed agreements to purchase
Brazilian soybeans, soybean oil, palm oil and other agricultural
products, with a total volume of nearly 20 million tons worth
over $10 billion.
The contracts with traders including ADM, Bunge
, Cargill and Louis Dreyfus were signed last week at the
China International Import Expo in Shanghai, COFCO Oils &
Oilseeds said in a statement on its official WeChat account.
The statement made no mention of U.S. farm goods. Beijing
has made modest purchases of American agricultural products,
including some soybean cargoes bought by COFCO as goodwill
gestures amid improving trade ties with Washington.
Despite easing some tariffs on a range of U.S. agricultural
goods, China has kept a 10% levy on all U.S. imports, limiting
expectations for a broader trade recovery.
Soybean tariffs, for example, have dropped from 23% to 13%,
still too high for private buyers.
Traders are watching for any large purchases by state firms
such as COFCO after the White House said Beijing pledged to buy
12 million tons by the end of the year.
China has not confirmed the figures.