China has bought the first batch of American soybeans since the implementation of genetically modified regulations

Lead: Washington, May 2 (Reuters) - China has bought 78000 tons of American soybeans, according to the U.S Department of agriculture on Thursday, marking the first time China has started purchasing American soybeans since the implementation of the genetically modified regulations As the world's No 1 soybean producer, the United States has lost 180 million US dollars of soybean business to China due to China's implementation of genetically modified regulations, which has brought soybean exports to a standstill In March, the United States and China reached an interim agreement, in which China agreed to ease some restrictions and speed up the application process for safety certificates for re exporters in order to ensure normal trade According to Thursday's USDA weekly export sales report, China bought 78000 tons of us soybeans in the week ending April 25 and delivered them in 2001 / 02, the first time China has bought us soybeans since China's genetically modified regulations came into effect on March 20 On Thursday, CBOT soybean futures were mixed, with July soybeans closing down 0.75 cents at $4.635 a bushel U.S soybean groups welcomed China's start to buy soybeans, but were reluctant to acknowledge whether Sino-U.S soybean trade would fully return to normal According to Gil griffics, Asia sales director of the American Soybean Association, of course the American Soybean Association hopes that this means the beginning of a trend and that it will continue He said industry groups understood that China required field trials of genetically modified seeds from biotechnology companies such as Monsanto to complete the food safety assessment process American soybean farmers are not sure whether China's labeling regulations for genetically modified products include soybean products The background of China's purchase of American soybeans is the turmoil in Argentina and the quality problems of some new soybeans in Brazil Therefore, the insiders speculate that China will return to the U.S market earlier than expected to purchase soybeans, although South American soybeans are at the peak of listing and the price is cheaper than American soybeans In addition, Asian commodity traders speculate that China will run out of domestic soybean supply in May due to import control (author:) share to feed Weibo share to: