State-owned Chinese firms bought at least three cargoes of US soybeans on Monday, even as sources in China said the government had told them to halt purchases after Washington said it would eliminate special treatment for Hong Kong to punish Beijing, reported Reuters.
The purchases, totaling at least 180,000 tons of the oilseed, were for shipment in October or November, the peak US soy export season when American soybeans are usually the cheapest in the world, three Reuters sources said.
It was not immediately clear why buying continued after Beijing’s message to state-owned firms, but US traders said Chinese importers still have not covered a large share of October and November soybean needs.
You must log in to post a comment.