China buys 1 million tonnes of US soybeans

The United States has recently sold a substantial amount of soybeans to China, with the US agriculture department reporting 340,000 tonnes of sales to the Asian giant and an additional 100,000 tonnes to unspecified locations, according to Reuters. This comes as China, the world's leading oilseed buyer, increases its purchases ahead of President Xi Jinping's upcoming visit to Washington.

Four traders spoke to Reuters, revealing that China has bought 14 to 15 cargoes of US soybeans this week, amounting to around 1 million metric tonnes. These acquisitions mark nearly half of the 25 million tonnes that the White House estimates Beijing has committed to purchasing annually through 2028.

Beijing-based state stockpiler Sinograin had booked these cargoes for transportation from US Gulf terminals between December and February, although the company did not immediately respond to Reuters' requests for comment.