China's Surging Soybean Imports from the US Amidst Brazil Supply Uncertainty

China has made its largest single-day purchases of US soybeans in at least three months, providing some hope for the struggling US farm export. Chinese importers have bought around 10 cargoes, or approximately 600,000 metric tons, of soybeans for shipment between December and March. This comes as a relief for US farmers who have seen Brazil dominate the global soybean export market this year. The purchases have led to a jump in cash premiums for US soybeans at Gulf Coast terminals. While US prices have been hampered by shipping disruptions and competition from Brazil, they have become more competitive for shipments from December through March.