China buys 1 million tonnes of US soybeans
The purchases bring China's total US soybean buying to nearly half of the 25 million tonnes Beijing has committed to annually through 2028.
China has purchased 1 million metric tonnes of US soybeans this week, according to four traders who spoke with Reuters. This significant acquisition marks a substantial increase in China's purchases from the United States, as the country aims to meet its commitment to buy nearly half of the 25 million tonnes of US soybeans annually through 2028.
The China purchases include 14 to 15 cargo shipments, with 340,000 tonnes going to China and an additional 100,000 tonnes headed to unknown destinations, as reported by the US agriculture department. Sinograin, a state stockpiler, booked the cargoes for delivery from US Gulf terminals between December and February, though they have not yet commented on the matter.
The recent purchases come as Chinese President Xi Jinping prepares to visit Washington later this month.
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