Key facts
- China purchased approximately 1 million metric tons of U.S. soybeans this week.
- These purchases are seen as progress toward meeting agricultural targets under the Phase One trade deal.
- The purchases come ahead of Chinese President Xi Jinping's visit to Washington.
- Chinese state stockpiler Sinograin booked the cargoes for shipment between December and February.
- The U.S. Department of Agriculture reported 340,000 tons of U.S. soybean sales to China on Wednesday.
China has purchased approximately 1 million metric tons of U.S. soybeans this week, a move that signals progress toward meeting its agricultural purchase commitments under the Phase One trade deal. These purchases come ahead of Chinese President Xi Jinping's anticipated visit to Washington later this month. The state stockpiler Sinograin booked the cargoes for shipment between December and February. The U.S. Department of Agriculture reported 340,000 tons of U.S. soybean sales to China and another 100,000 tons to unknown destinations on Wednesday. The Phase One trade deal, signed in January 2020, includes specific targets for China to purchase American agricultural products annually through 2028.