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China Books 13 More US Soy Cargoes, Nears Quarter of Target

Bloomberg Markets •
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China booked another flurry of US soybean cargoes, as the country makes headway toward fulfilling the purchase pledge made as part of a trade truce struck last year. The latest purchases bring the total to 13 additional cargoes, signaling accelerated buying activity from the world's top soybean importer.

These new bookings push China closer to achieving roughly a quarter of its committed purchase target under the Phase One trade agreement. The deal, signed in January 2020, required China to increase purchases of US agricultural products by $12.5 billion above 2017 levels in the first year and $19.5 billion in the second year.

Market analysts view the recent buying spree as a positive sign for US farmers and exporters who have faced uncertain demand amid ongoing trade tensions. The purchases also reflect China's need to replenish soybean stocks for its massive hog herd recovery following African swine fever outbreaks.

US soybean export inspections have risen notably in recent weeks, with China accounting for the bulk of new sales. The momentum suggests Beijing is serious about meeting its obligations despite broader geopolitical friction between the two economic powers.