November 21, 2025

 

China's COFCO acquires at least 840,000 tonnes of soybeans for December, January shipments, sources say

 

 

China's state-owned grain trader COFCO bought at least 14 cargoes of US soybeans on November 17, or at least 840,000 metric tonnes, for shipment in December and January, two traders with knowledge of the deals told Reuters.

 

Eight of the vessels were for shipment in December and January from US Gulf Coast terminals, while the rest were for shipment in January from Pacific Northwest ports, one trader said.

 

A second trader estimated around 75% of the sales were for Gulf shipment, with the remainder from the PNW.

 

The sales total may ultimately be larger if more deals are finalised, the traders said.

 

China has largely shunned US soybeans this season due to a heated trade war with Washington, sourcing supplies from export rivals Brazil and Argentina instead.

 

The November 17 US soy purchases were China's largest since a summit between US President Donald Trump and Chinese President Xi Jinping in South Korea last month.

 

The White House said China had agreed to buy 12 million metric tonnes of US soybeans this year, but only a small volume of sales had occurred before November 17.

 

Trump previously said sales would be on track by the spring.

 

Traders and analysts warned that vast soybean stockpiles at ports and in state reserves, combined with weak crush margins, are limiting Beijing's appetite for further purchases.

 

- Reuters