FT Issues Correction, Now Says China Ready To Boost Soybean Purchases by 10MM Tonnes, Not By $10Bn

Update: And moments ago, about 30 minutes or so after the initial FT report indicated China would “increase annual purchases of US agricultural products by $10bn a year,” a huge revision has been issued:  

• CORRECT: CHINA OFFERS TO UP SOYBEAN PURCHASES TO 30M TONNES: FT

FT issues correction, says China ready to boost annual purchases of soy beans to 30m tonnes compared with 20m at present, instead of offering to increase purchases of US agricultural goods from $20bn to $30bn.

— zerohedge (@zerohedge) October 9, 2019

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Here’s the correction in full: 

Chinese officials are offering to increase purchases of US agricultural products as they seek to stave off a new round of tariff hikes on October 15, according to people briefed on the two countries’ ongoing negotiations.

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.

An earlier email and version of this story incorrectly stated Mr Liu’s team had offered to increase purchases of US agricultural goods from $20bn to $30bn, via the Financial Times.

* * * 

Indeed, the last hour of watching E-mini S&P500 futures has been a wild ride. There have been two spikes in futures, one at 5:10 am est. or so, when a headline hit detailing how Beijing “may be open” to a “partial” US trade deal. 

Then, the next spike, at 5:47 am est. was a 20 point, 71bps pop in 35 seconds, algos went into panic buying after the Financial Times reported Chinese officials offered “to increase annual purchases of US agricultural products by $10bn a year.” 

China’s lead trade negotiator, Vice Premier Liu He, will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday to hash out a possible lite trade deal, and if all goes well, a potential meeting with President Trump could be seen on Friday.

“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.