China's US soybean purchases amid trade negotiations
China's state-owned COFCO purchased three U.S. soybean cargoes for December-January, marking its first U.S. harvest purchase in months amid ongoing trade tensions with the U.S. and a shift towards South American suppliers. Despite the purchase, overall demand for U.S. soybeans remains subdued, with China favoring Brazilian and Argentine soybeans due to higher protein content and recent large South American purchases. The move occurs ahead of a Trump-Xi meeting, with potential U.S. soybean imports for strategic reserves possibly reaching 8 million tons.