Last year China imposed a 25% import duty on U.S. soybeans in response to restricting the supply of Chinese goods in the United States. As a result, the volume of trade has sharply decreased. For all of last year, China imported 16.6 million tons of soybeans from the United States against 32.9 million tons in 2017.

The warming of relations between the two countries has raised hopes that the situation with the supply of soybean can be improved. After the talks, which took place last month, the US President, Donald trump declared that he would not impose new duties on Chinese goods if China will buy more American agricultural products.

June 24, Bloomberg reported, citing informed sources, that the Chinese government allowed five companies duty-free import up to 3 million tons of U.S. soybeans. Permission for a large purchase of soybeans is a goodwill gesture from Beijing, which is preparing for a resumption of the trade negotiations with Washington.

However, even without import duties, U.S. soybeans will not be able to compete with Brazilian, at least until October, according to traders and analysts polled by Reuters. So in the near future purchase is unlikely.

Now the Chinese refiners margin is negative. So, processors in Rizhao, the center of soybean in North China, losing 133 yuan ($ by 19,33) with each recycled ton.

In addition, it is unknown what are the next steps China's imports of soybeans from the United States. According to analysts, any large volume of purchases will probably be connected with the lifting of sanctions against Chinese technology giant Huawei Technologies.

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