Cofco Books 5 More US Soybean Cargoes as China’s Buying Spree Tops 11
Updated
Updated · Bloomberg · Jul 8
Cofco Books 5 More US Soybean Cargoes as China’s Buying Spree Tops 11
2 articles · Updated · Bloomberg · Jul 8
Summary
Five more US soybean cargoes were booked overnight by China’s state-owned Cofco, with loading scheduled mainly for September and October, according to people familiar with the matter.
Those purchases extend a buying wave that began earlier this week, after Cofco had already booked at least six cargoes for the same shipment window.
The fresh orders add to signs that agricultural trade between the world’s two largest economies is accelerating as a broader trade thaw continues.
USDA data had already shown Chinese buyers committed to 200,000 tons of US soybeans last month, underscoring the renewed momentum after the leaders’ May summit.