China has bought more than half of its promised US soybeans

the recent buying spree has been played by state-owned Sinograin, the company responsible for managing China’s strategic grain reserves. According to the sources, Sinograin booked about 2 million tonnes of U.S. soybeans last week and continued purchasing this week, securing at least seven cargoes totaling more than 400,000 tonnes. Sinograin’s return to the market adds to earlier deals concluded by another state-owned trader, Cofco, and could significantly accelerate the pace of China’s imports. The purchases are also taking place as China auctions large volumes of soybeans from state reserves to free up storage capacity for incoming U.S. shipments. Grain markets and U.S. farmers are closely monitoring the situation amid limited transparency surrounding the agreement reached after a meeting between former U.S. President Donald Trump and Chinese President Xi Jinping in late October. China has yet to officially confirm the details of the deal, which called for purchases of at least ...