Chinese buyers acquire US soybeans for October-November, traders say

Chinese ⁠government buyers bought at least eight ⁠cargoes of US soybeans on Friday for shipment from US Gulf Coast terminals and six cargoes for shipment from Pacific Northwest ports in October and November, two US traders with knowledge of the deals said.

The ‌sales volume of at least 840,000 tonnes was among China’s largest single-day purchases this month after the world’s top soybean importer restarted purchases from the US in late June.

China had slowed purchases of American soybeans over much of the past year amid a trade war with the US and ⁠ample supplies of cheaper beans from rival exporter Brazil.

The deals come after recent trade ‌talks between the United States and China that, according to the White House, included Chinese commitments to buy 25 million tons of ‌US soybeans annually and boost purchases of other American farm goods.

Soybean traders ⁠expect sales to ⁠continue as Chinese President Xi Jinping prepares to visit the White House in late September for trade talks ‌with US President Donald Trump.

The recent Chinese purchases totalling more than 3 million tonnes have been made ‌by ‌government buyers as commercial importers, normally representing about two-thirds of total US soy exports ‌to China, continued to buy from South America, traders said.