China is picking up more U.S. soybeans, buying cargoes for February as dry weather delays the crop in Brazil, the world’s top producer and exporter, according to people familiar with the matter.
According to a report at NewsMax, Chinese buyers have bought two to three cargoes in the past two weeks for February shipment from ports in the Pacific Northwest. That’s usually the shipping period when China shifts purchases to Brazil as the harvest starts.
Processors want to ensure they have enough supplies to cope with delays to the Brazilian crop. China usually requires about 8 MMT of soybeans a month and buys mainly from Brazil starting in February.
