China buys 1 million tons of U.S. soybeans ahead of Xi visit
In Argentina, Agro Latam reported that China bought about 1 million metric tons of U.S. soybeans this week, according to traders familiar with the transactions, accelerating purchases ahead of Chinese President Xi Jinping’s expected visit to Washington later this month.
The buying matters for American agriculture because it brings China close to halfway toward its annual 25-million-ton purchasing commitment and could provide fresh support for soybean exports, according to the report.
China has not confirmed the date or announced the volume of additional agricultural purchases it may make. Traders, however, reported increased buying by state-owned Sinograin in recent days, fueling expectations that Beijing is building its U.S. soybean position ahead of high-level trade and diplomatic talks, the report added.
Category: Food & Agriculture
