China has contracted the maximum amount of U.S. soybeans since July

Chinese importers contracted the largest volume of U.S. soybeans in one day of trading in the last 3 months, Reuters reported citing traders’ information.

It is noted that on November 7, China signed the agreements on import of 10 cargoes of soybeans from the USA – in physical terms, it is about 600 thsd tonnes. The cargo delivery is scheduled for the period from December 2023 to March 2024.

“If the procurement data is confirmed, this volume of sales will be the largest in a day since the end of July,” the report said.

At the same time, some market participants claim that China’s demand for U.S. soybeans was restrained by the high prices for the oilseed from the U.S., disruptions in shipping and fierce competition from Brazil.

“These purchases can reduce the fears of American farmers about the largest importer of China’s demand for their products, given that Brazil has dominated the export market for soybeans and corn for quite some time,” the materials say.

Tags: China, soybean, USA