China Buys More US Soybeans Ahead of Expected Xi Jinping Visit
State-run buyer Sinograin purchases at least 10 cargoes for October-November shipment
Quick Look
China has purchased at least 10 more US soybean cargoes for October-November shipment, continuing a flurry of agricultural deals ahead of President Xi Jinping's expected US visit next month.
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Why It Matters
Deals follow Washington-Beijing trade talks including Chinese commitments to buy 25 million tonnes of US soybeans annually.
China has bought at least another 10 cargoes of US soybeans, three Asian traders said on Thursday, the latest in a flurry of purchases ahead of President Xi Jinping’s expected US visit next month.
State-run buyer Sinograin bought 10 to 15 cargoes on Wednesday, the traders said. At least 10 cargoes were for October-November shipment, one trader said.
The deals follow trade talks between Washington and Beijing that, according to the White House, included Chinese commitments to buy 25 million tonnes of US soybeans annually and boost purchases of other American farm goods.
China has bought about 6 million tonnes so far for delivery in the US crop year that starts on September 1, a US industry source said.
“This is great news,” said Mike McCranie, a South Dakota farmer and chair of the US Soybean Export Council’s board of directors, on the sidelines of a council conference in Chicago.
“It’s a good indication that China is going to follow through on the purchase commitment to buy 25 million tonnes.”
Open Questions
- Will China fulfill the full 25 million tonnes commitment?
