China’s state stockpiler Sinograin bought 10 US soybean cargoes this week, reports Reuters citing inside sources. The world’s top buyer is continuing to purchase from the United States following a late October trade truce.
The cargoes, totalling around 600,000 metric tons, are for shipment between March and May, the traders said, which is the peak shipping season for rival supplier Brazil.
China’s total purchases from the latest US crop were now estimated at 8.5 million to nearly 10 million tons, according to traders and analysts, representing up to 80% of the 12 million metric tons that US Treasury Secretary Scott Bessent said China pledged to buy by the end of February.