China Buys U.S. Soybeans Despite Ports Congestion
Two million tonnes of American cargoes are waiting to offload at ports in China
Chinese commercial importers made new purchases of U.S. soybeans this week, according to two sources, even as up to 2 million tonnes of American cargoes were waiting to offload at ports in China as its stockpiler looked for storage room.
Reuters reports Chinese commercial crushers have bought up to seven cargoes of American soybeans this week for December and January shipment thanks to competitive U.S. prices versus South American prices and good crush margins in China, said two traders.
Almost all the beans clogging the ports were destined for state reserves, and were bought by Sinograin and COFCO during a truce in the festering Sino-U.S. trade war.