Sinograin, the Chinese state-owned company responsible for managing strategic grain reserves, will hold an auction of 504,000 tons of imported soybeans next Friday (31), according to a statement released this Tuesday (28) by China National Grain Trading CenterThe offered lot consists of soybeans produced between 2022 and 2025 and represents the first sale of this magnitude made by the state-owned company since January. The operation occurs at a time when the market is monitoring the resumption of Chinese soybean purchases from the region. United StatesFollowing the easing of trade tensions between the two countries, Chinese buyers postponed purchases of the US crop last year until a summit between Presidents Donald Trump and Xi Jinping in October, which helped ease the trade impasse between Beijing and Washington. After the meeting, state-owned companies COFCO and Sinograin purchased approximately 12 million tons of soybeans from the United States. More recently, China resumed buying soybeans from the new US crop after the meeting between Trump and Xi Jinping on May 14 and 15 of this year. On that occasion, the Chinese commitment to import 25 million tons of soybeans from the US per year until 2028 was maintained.
This text was translated by machine from Brazilian Portuguese.