China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Jinping’s Visit to the United States

[Financial News] China is confirmed to have purchased approximately 1 million metric tons of U.S. soybeans this week. Ahead of Chinese President Xi Jinping’s visit to Washington, D.C., and a U.S.-China summit later this month, the world’s largest soybean importer appears to be accelerating imports of U.S. agricultural products.
Foreign media reported on the 11th that China’s state-owned grain company Sinograin had secured soybean shipments to be loaded at U.S. Gulf of Mexico terminals between December and February. The purchase brings China’s cumulative purchases of U.S. soybeans to nearly half of its commitment, announced by the White House, to buy 25 million metric tons annually through 2028.
The United States Department of Agriculture (USDA) also officially reported sales of 340,000 metric tons of soybeans bound for China and 100,000 metric tons bound for an undisclosed destination.
Meanwhile, Sinograin did not immediately respond to Reuters’ request for comment regarding the import contract.

[email protected] Yoon Jae-jun Reporter