FAST FIVE: FT Issues Correction, Now Says China Ready To Boost Soybean Purchases By 10MM Tonnes, Not By $10Bn
China's lead trade negotiator, Vice Premier Liu He, is scheduled to begin two days of talks with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday.
Mr Liu's team is offering to boost annual purchases of soy beans to 30m tonnes compared with 20m at present.
The extra purchases would be equivalent to about $3.25bn of orders at current rates.
“Liu He is coming with real offers, it's not an empty visit,” said one of the people briefed on the talks.
“The Chinese are ready to de-escalate.” And all of these headlines are occurring as E-Mini S&P500 futures struggle to stay above the daily 200ema.