China adds at least ten more US soybean cargoes ahead of Xi's US trip

Three Asian traders reported that China purchased another ten to fifteen cargoes of U.S. soybeans, with shipments slated for October-November, as President Xi Jinping prepares to visit the United States.

Three traders based in Asia disclosed that China has placed orders for another ten to fifteen cargoes of American soybeans, with at least ten slated for shipment in the October-November period. The state-owned grain trader Sinograin announced the latest batch on Wednesday, adding to a series of purchases made ahead of President Xi Jinping’s expected visit to the United States next month. The deals follow bilateral trade discussions in which the White House reported that China agreed to buy 25 million tonnes of U.S. soybeans annually and to expand purchases of other American agricultural products.

To date, China has contracted about 6 million tonnes for the U.S. crop year that started on September 1. At a conference in Chicago, Mike McCranie, a South Dakota farmer and chair of the U.S. Soybean Export Council’s board, called the new orders a positive sign that China will fulfill its pledged buying target. The transactions underscore the growing importance of agricultural trade in the broader U.S.-China economic relationship.