Chinese state-owned firms bought at least eight bulk shipments of US soybeans on Wednesday, or at least 480,000 tonnes, for shipment in December and January, two US traders familiar with the deals said, reported Reuters.
The deals were the latest in a string of large farm commodity purchases by China, which vowed to import record amounts of US agricultural goods this year as part of a “Phase 1” trade deal signed in January.
After months of record soybean imports from Brazil, China has pivoted to buying more soybeans and other goods from the United States. The world’s top commodity importer has already bought record volumes of US corn, pork and poultry this year, and last month booked its largest-ever weekly purchase of US beef.
The US Department of Agriculture reported nearly 1.2 million tons in US corn purchases from China this week alone.