China has bought 14 to 15 cargoes of soybeans from the United States this week, amounting to roughly 1 million tons, ahead of Chinese leader President Xi Jinping's trip to Washington later this month. The US Department of Agriculture reported on Wednesday, September 9, that 340,000 tons of US soybeans were sold to China and another 100,000 tons to undisclosed destinations. The latest purchases bring China's total soybean buying from the US to nearly half of the 25 million tons it has pledged to purchase annually through 2028, as announced by the White House. Sinograin, China's state grain reserve company, is the buyer of the soybean lot, which is scheduled to ship from US Gulf Coast ports between December and February.
Sinograin is the buyer of the soybean lot, securing supply as China races to purchase US soybeans.
