China is continuing to buy US soybeans, confounding some traders who had expected the flow of shipments to slow down ahead of a potential trade war between both countries.
A Chinese state buyer picked up at least eight cargoes last week to build national reserves, according to traders familiar with the sales. Sales equivalent to about two cargoes were also concluded this week, the US Department of Agriculture said in a statement on Wednesday.
The recent purchases carry the risk that they could still be sailing to China as a major trade dispute with the US erupts after Donald Trump is inaugurated on Jan. 20. The Asian nation is the world’s largest soybean importer.
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