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Yahoo
4 minutes ago
- Yahoo
Trump hopes China will quickly quadruple its US soybean orders
By Ella Cao, Lewis Jackson and Chandni Shah (Reuters) -U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
6 minutes ago
- CBS News
Sacramento city leaders to consider sending letter of opposition over Natomas development plans
A Sacramento housing clash is pitting the city council against the board of supervisors over a massive Natomas development. A city hall formal letter of opposition could stop supervisors from approving the plans. "So it's unusual for the city of Sacramento to oppose a county of Sacramento project," Sacramento Councilmember Karina Talamantes said. Talamantes supports the unusual move to send the letter to the county to stop a massive housing development called the Upper Westside Plan. "Housing is not the issue for me, for me it's the communication, or lack thereof, communication to the residents in Natomas," Talamantes said. Talamantes said the county is breaking a Natomas joint vision agreement with the city that called on the county to preserve the space and leave the city to develop it. The Upper Westside Plan between El Centro Road and the Sacramento River would include more than 9,000 housing units, three elementary schools and a high school, and be home to 25,000 new residents. Josh Harmatz lives along the Garden Highway and is concerned that all the new homes and businesses will triple the traffic on this narrow two-lane levee road. "There's just no room and there's no shoulder for this amount of traffic," Harmatz said. Project supporters say the development will create much-needed housing for the Sacramento region. Now, the city of Sacramento, awarded a pro-housing designation from the state, is preparing a formal opposition to this housing plan. "That will be to be determined," Talamantes said when asked what impact the letter of opposition would have. "But the city and county working together is the best thing that can happen for the residents of Sacramento." The city council will vote on sending that letter of opposition this week. The board of supervisors is set to vote on that development on Aug. 20.
Yahoo
9 minutes ago
- Yahoo
Apple notches best week in years; Trump shakes Fed leadership: This Week in markets
After recent declines, triggered by a weaker-than-expected jobs report and a June inflation uptick, Wall Street rebounded with strong gains as earnings momentum remained robust. Palantir Technologies delivered better-than-expected Q2 results, sparking a 20% weekly rally — the best performance in the S&P 500 — that pushed its market capitalization above $500 billion. Apple Inc. announced an additional $100 billion in U.S. manufacturing investments, on top of the $500 billion pledged earlier this year. The move secured an exemption from Trump's tariffs and is expected to boost iPhone sales. Apple shares surged over 10% for the week, marking their strongest performance since 2020. While tech stocks soared, pharmaceuticals struggled. Despite strong quarterly earnings, Eli Lilly & Co. plunged 14% on Thursday — its worst single-day drop since August 2000 — after trial data for its weight-loss pill orforglipron fell short of expectations. On the tariffs front, President Donald Trump doubled duties on Indian imports to 50%, targeting New Delhi's purchase and resale of Russian crude. When will the IRS kick off tax season? IRS walks back its commissioner's dire prediction He also confirmed a 39% tariff on Swiss imports and imposed new duties on 1-kilogram gold bars, a move that could pressure Swiss gold refineries and disrupt the gold futures market. Trump nominated Stephen Miran, current chair of the Council of Economic Advisers, to fill the Federal Reserve Board seat vacated by Adriana Kugler. Miran, whose term runs until January 2026, has argued that tariffs won't fuel inflation, a stance aligned with Trump's push for lower interest rates. Markets see him as a likely ally for the president in future monetary policy decisions. Trump's economic team is also reportedly considering current Fed Gov. Christopher Waller as Chair Jerome Powell's successor when Powell's term ends next year. Waller notably dissented in July's Fed meeting, voting for a rate cut while Powell and most policymakers favored holding rates steady. Benzinga is a financial news and data company headquartered in Detroit. This article originally appeared on Detroit Free Press: Apple notches best week in years; Trump shakes Fed leadership Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
