China has reportedly booked over half the 12 MMT of soybeans agreed upon at the October 30 summit between President Trump and Chinese president Xi Jinping in South Korea. China has yet to confirm the details of the agreement, but state-owned firms continue to chip away at soybean buys.
Our analysis indicates China has at least purchased 5.483 MMT of soybeans since the agreement. That total is likely higher, and even upwards of 8 MMT according to some reports. Unknown destinations have purchases around 1.298 MMT over the same time frame, a method China will often use to mask purchases.
Both Sinograin and Cofco, both stated owned companies, have been purchasing U.S. soybeans. China has been auctioning off state reserves in the meantime to make room for new shipments. China seems well on pace to reach the 12 MMT goal by the adjusted February 28 deadline.