Soybean Traders Underwhelmed by News of China’s First US Cargo Purchases

Soybean traders were underwhelmed by news of China’s first purchases of US cargoes this season, stepping back as they await details from a highly anticipated agreement between Beijing and Washington.

The purchase of at least two cargoes of US soybeans that’s said to be slated for delivery later this year could mark a revival of flows between the two nations. But the relatively small volume isn’t a game-changer, according to Illinois grower John Bartman. A handful of cargoes would be a drop in the bucket for a trade that was worth more than $12 billion last year.