Amid rising prices for American soybeans, China is purchasing large volumes of soybeans and oil from Brazil.

November soybean quotes on the Chicago exchange have already risen by 12% to $415/t in anticipation of purchases from China, which at the same time led to a decrease in soybean prices in Brazil, which Chinese buyers immediately took advantage of and purchased large batches of Brazilian soybeans and oil. It should be noted that official Beijing has not yet confirmed the White House's statement that China has committed to buying 12 million tons of soybeans from the U.S. by the end of the year. The oil division of the Chinese corporation COFCO reported that last week at an international exhibition in Shanghai, agreements were signed with traders ADM, Bunge, Cargill, and Louis Dreyfus for the supply of almost 20 million tons of Brazilian soybeans, soybean and palm oil, and other agricultural products worth over $10 billion, but did not mention the purchase of any agricultural products from the U.S. Earlier, China purchased several batches of American soybeans and wheat as a gesture of ...