China extends US soybean purchases with at least four more cargoes

China, which had largely shunned U.S. soybeans for months amid a tense Washington–Beijing trade standoff, has stepped up purchases following late-October talks between the two countries' leaders in South Korea. State-run grain buyer COFCO has led the buying, booking more than 1 million tons of U.S. soybeans since late October, according to U.S. Department of Agriculture data.

China bought at least four more cargoes of U.S. soybeans on Tuesday night, two China-based traders with knowledge of the deals said, extending a wave of hefty purchases earlier in the week that pushed Chicago soybean futures to a 17-months high.

All four cargoes are scheduled for January shipment, with three from U.S. Gulf Coast terminals and one from the Pacific Northwest, one of the sources said. China, which had largely shunned U.S. soybeans for months amid a tense Washington–Beijing trade standoff, has stepped up purchases following late-October talks between the two countries' leaders in South Korea.

State-run grain buyer COFCO has led the buying, booking more than 1 million tons of U.S. soybeans since late October, according to U.S. Department of Agriculture data. Even so, the recent deals remain well below the 12 million tons of purchases announced by the White House.

COFCO did not immediately respond to a Reuters request for comment.

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