Mubasher: China granted key Chinese and foreign soybean processors waivers that would exempt the companies from tariffs on imports of as much as 10 million tonnes (mt) of the US oilseed, Reuters reported, citing two sources familiar with the matter.

The tariff-free quota to import US soybeans was granted to state-owned crushers, privately owned ones and major international trading houses with plants in China during a meeting with the state planner, the National Development and Reform Commission, the sources told the news agency.

Market conditions have continued to determine Chinese soybean purchases in recent weeks, despite US President Donald Trump’s confirmation of a flood of imminent sales.

The waivers failed to boost immediate buying on Tuesday as US prices remained too high, US export traders told Reuters.

Beijing’s move came after President Trump said that China agreed to import up to $50 billion of US agricultural products annually during the trade talks held earlier this month.

However, China reportedly bought at least eight cargoes, or 480,000 tonnes worth $173 million, of Brazilian soybeans during the week following the talks.

While “Chinese buyers have been buying a lot of Brazilian soybeans, […] the government was sending a message to importers to be mindful of the big picture,” one source was quoted by Reuters.