If you don't have the requested amount the moment you press accept, the offer gets automatically rejected. So I assume it was spend on production beforehand (maybe in the build queue).
3 Feb 2017, 17:44
I made a trade with a coalition partner who was in desperate need of steel. I gave him 10,000 in return for 1 food. He said he clicked to accept it but the game marked his response as "rejected." Now my 10,000 steel went into thin air (neither he nor I have it). I have verified that the trade shows rejected; therefore, shouldn't it have been credited back into my coffers? 
If you don't have the requested amount the moment you press accept, the offer gets automatically rejected. So I assume it was spend on production beforehand (maybe in the build queue).
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