China is facing a surplus of soybeans after months of record imports, which reduces the prospects for U.S. exports despite the recent trade truce that, according to Washington, includes a promise from Beijing to resume massive purchases. Traders and analysts warn that the huge inventories in ports and in state reserves, along with the low crushing margins, limit Beijing from making new purchases. "State-owned enterprises might be waiting for the margins to recover before making large-scale purchases," noted Johnny Xiang, founder of Beijing-based consultancy AgRadar. "Even with tariff exemptions, the margins are still negative and Brazilian soybeans are still cheaper." It should be remembered that after President Donald Trump's meeting with Chinese leader Xi Jinping last month, officials in Washington stated that China had agreed to buy 12 million tons of U.S. soybeans before the end of the year and 25 million tons in each of the next three years. China has not publicly committed ...