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China buys US soybeans ahead of planned October-November shipments
At least 840,000 tonnes were sold in the latest deals after China restarted US soybean purchases in late June.
Chinese government buyers purchased at least eight cargoes of US soybeans for shipment from US Gulf Coast terminals and six cargoes for shipment from Pacific Northwest ports in October and November, according to Reuters, citing two US traders with knowledge of the deals.
The reported sales volume of at least 840,000 tonnes is among China’s largest single-day purchases this month. The purchases follow China’s restart of buying US soybeans in late June after it had slowed imports for much of the prior year amid a US-China trade war.
Reuters said the deals followed recent trade talks between the United States and China. The White House described commitments from China to buy 25 million tons of US soybeans annually and to boost purchases of other American farm goods.
Traders expect additional sales to continue as Chinese President Xi Jinping prepares to visit the White House in late September for further trade discussions with US President Donald Trump. Reuters also noted the latest Chinese purchases totaling more than 3 million tonnes have been made by government buyers, a group that typically represents about two-thirds of total US soybean exports to China.
Latest closeSoybeans $1,188.25 ▲0.9%