This week, the Chinese state-owned company Sinograin purchased ten batches of American soybeans totaling about 600,000 tons. The deliveries are planned for March to May, when Brazilian production traditionally dominates the world market, according to agronews.ua.
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The Chinese state-owned company Sinograin bought 10 batches of soybeans from the USA this week. Traders say that the batches totaling about 600,000 tons will be shipped from March to May, which is the peak season for their competitor in supply – Brazil.
Traders reported the deals. According to them, the purchased soybeans will be shipped during the peak export season for Brazil, making American shipments less typical for this time of year. Traders and analysts estimate that China’s total soybean purchases from the USA this season range from 8.5 to nearly 10 million tons. This represents up to 80 percent of the 12 million tons Beijing committed to importing by the end of February.
According to one market participant, Sinograin secured the largest share of American shipments, and China may buy several million more tons to fully meet the stated plan.
Data from the US Department of Agriculture shows that since October, China has already confirmed the purchase of nearly 6.9 million tons of American soybeans, while about 3 million tons remain unconfirmed.
Nevertheless, American soybeans continue to be more expensive than Brazilian ones, although the price premium has narrowed due to the strengthening of the Brazilian real and the weakening of the US dollar.