Chinese state stockpiler Sinograin purchased 10 cargoes of U.S. soybeans this week, totaling 600,000 metric tons, Reuters reported Tuesday, citing three traders.
The shipments are due for arrival between March and May, the peak trading season for Brazilian soybeans, the report said, citing the sources.
China's total purchases of soybeans are estimated at between 8.5 million tons and nearly 10 million tons, about 80% of the 12 million-ton target that U.S. Treasury Secretary Scott Bessent said China promised to buy before March, the report said.
Beijing would need to buy a few million tons more to achieve the target, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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