China buys 1MN tons of soy ahead of US summit

China has bought around 1 million metric tons of US soybeans this week, reports Reuters. This comes as the world’s top oilseed buyer steps up purchases ahead of ​Chinese President Xi Jinping’s visit to Washington later this month.

The purchases ​take China’s total US soybean buying to nearly half of the ⁠25 million tons the White House said Beijing had committed to annually through ​2028.

While China’s purchases of U.S. soybeans could help bolster trade and diplomatic ties with ​Washington, the buying also coincides with tightening global oilseed supplies amid dwindling inventories in top exporter Brazil.