China Buys 10 More US Soybean Cargoes as 25 Million-Tonne Pledge Nears
Updated
Updated · South China Morning Post · Aug 6
China Buys 10 More US Soybean Cargoes as 25 Million-Tonne Pledge Nears
3 articles · Updated · South China Morning Post · Aug 6
Summary
At least 10 additional US soybean cargoes were bought by China on Wednesday, with traders saying state-run Sinograin took 10 to 15 cargoes ahead of Xi Jinping’s expected US visit in September.
October-November shipment accounts for at least 10 of those cargoes, extending a recent burst of buying after Washington said trade talks produced a Chinese commitment to purchase 25 million tonnes of US soybeans annually.
About 6 million tonnes have already been booked for delivery in the US crop year starting September 1, according to a US industry source, suggesting China is building toward that target.
US soybean exporters and farmers welcomed the purchases as an early sign Beijing may follow through on broader promises to increase imports of American farm goods.