China’s state-owned COFCO bought three U.S. soybean cargoes this week, two trade sources said.
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China’s state-owned COFCO boughtthreeU.S.soybeancargoesthis week, two tradesourcessaid, the country’s first purchases from this year’s U.S. harvestaheadof this week’s summit of leaders DonaldTrumpandXiJinping.
COFCO purchased about 180,000 metric tons ofsoybeans for December and January shipment through Pacific Northwest port terminals, thesourcessaid.
COFCO did not immediately respond to a Reuters request for comment.
Benchmark Chicagosoybeanfutures pricesjumped this week to their highest in 15 months, rebounding from recent five-year lows on hopes for a U.S.-Chinatrade deal.
China, the world’s biggest soy importer, shunnedsoybeans from the autumn U.S. harvest, switching its demand to South American suppliers amid trade conflict with Washington.
The unusual delay has alreadycostU.S. farmers billions of dollars in lost sales, after they largely supportedTrumpin his campaigns for president.
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