United States soybeans extend gains amid continued trade optimism

Exclusive China makes first big U.S. soybean purchase since Trump Xi truce

China, US discuss plans for trade talks

ING Bank's Greater China economist Iris Pang, who also estimated export growth for 2019 at 5 per cent, said she was not optimistic the trade war would be resolved next year. "It looks like we're back in business now", the second USA trader said.

"We are seeing danger slant balancing out a bit", said Societe Generale strategist Alvin Tan. "Watch for some important announcements!" which many presumed to be related to China's agreement to lower tariffs on US automobiles, reports CNBC.

ING said the Huawei case had made it increasingly obvious that the trade war was about technology as much as anything else, and there were also reports that the United States would release new evidence this week on Chinese hacking and economic espionage.

China's foreign minister has vowed to defend its citizens overseas as a Chinese technology executive waits to see whether a Canadian court will release her on bail in a case that has strained U.S. Currently, US$50 billion worth of Chinese goods are already taxed at 25%. American manufacturers have been hit hardest by the tariffs on imported metals, which have jacked up materials costs for cars built in the U.S.

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The arrest came the same day presidents Donald Trump and Xi Jinping agreed to a 90-day ceasefire in a tariff war over Beijing's technology policy.

Investors have been skeptical about the progress made toward ending a trade dispute that has disrupted the flow of hundreds of billions of U.S. dollars of goods between the world's two largest economies.

Over the next three months, United States and China will negotiate over structural changes of China's policies on other USA products like intellectual property protection, cyber intrusions and theft, services, technology, agriculture, and non-tariff items.

US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

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Still, U.S. equities finished well off their session highs and traders were not convinced the market was ready for a sustained move upward after two-straight days of gains.

The companies did not immediately respond to requests for comment. A second trader with direct knowledge of the deals said Chinese state-owned firms bought at least 12 cargoes for shipment between January and March.

Growing concerns that the trade war will increasingly hurt corporate earnings and the US economy are a key reason why USA stock prices have been sinking this fall.

The USDA reported export sales of US corn in the week to December 6 at 903,200 tonnes for the 2018/19 crop year, below a range of trade expectations for 1.0 million to 1.5 million tonnes.

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China this year has relied on Argentina and top exporter Brazil for most of its soybeans used to feed the world's largest pig herd.

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