Sinograin, China’s state-run commodity buyer, recently bought ten U.S. soybean cargoes. Three traders told Reuters that the world’s biggest buyer of soybeans is continuing to purchase a significant quality from the United States following a late October trade truce.
‘The cargoes total almost 600,000 metric tons and will be shipped between March and May,” Reuters said. “That timeframe happens to also be the peak season for Brazil, a rival supplier of the U.S.”
The total amount of soybeans China has bought from the U.S. is estimated between 8.5 million and almost ten million tons. That number represents almost 80 percent of the 12 million metric tons that U.S. Treasury Secretary Scott Bessent said China had promised to purchase by February 28.
In late November, Reuters cited a shipping schedule saying two cargoes would carry the first soybean shipments since May. However, those cargoes haven’t arrived yet as they aren’t on the customs website.
Source: NAFB News Service
