COFCO, a Chinese state-owned company that trades grains, purchased several shipments of soybeans from the United States on Monday (6), according to both Reuters and Bloomberg, citing sources familiar with the matter. This move, coupled with some weather concerns, caused soybean futures prices to rise more than 4% the previous day on the Chicago Board of Trade (CBOT). According to Reuters, at least five shipments, totaling 300,000 tons, were acquired for shipment between September and November. The total purchase volume, however, could be even higher as more deals are closed. One of the sources interviewed by Reuters stated that the purchase could reach 10 shipments, or about 600,000 tons. Bloomberg, in turn, did not mention any volume. The information comes after recent trade negotiations between Washington and Beijing which, according to the White House, reaffirmed China's commitment to buying 25 million tons of soybeans from the US annually until 2028.
This text was translated by machine from Brazilian Portuguese.