China Steps Up Soybean Buying From US, Brazil as Prices Fall
- Chinese buyers seek supply ahead of seasonal upturn in demand
- Most cargoes are for loading in the autumn, some for next year
Soybeans are harvested near Brasilia, Brazil in August.
Photographer: Andressa Anholete/BloombergThis article is for subscribers only.
China, the world’s biggest soybean buyer, is stepping up imports to meet rising demand ahead of a seasonally strong period for consumption.
Chinese firms have booked at least 40 cargoes from the US, Brazil and Argentina in the past two weeks alone, according to people familiar with the transactions. The purchases are to take advantage of improved processing margins, and to rebuild stockpiles ahead of Chinese festivals that run from the autumn through to the Lunar New Year, said the people, who asked not to be identified as they’re not authorized to speak publicly.