As China increases its purchases of soybeans from the United States to implement the consensus reached between China and the United States at the end of October, Beijing is also accelerating the auction of its national reserve soybeans.

According to Bloomberg, China has always adjusted and rotated its large soybean reserves through auctions, but this sell-off is the first action since China and the United States reached a trade ceasefire and resumed purchasing soybeans from the United States.

According to official reports and data from Chinese consulting firm Mysteel, China has held two auctions since last Thursday (December 11th), with approximately 720000 tons sold out of over 1 million tons of soybeans released. The relevant departments also plan to hold another auction on Friday (December 19th), releasing 550000 tons of soybeans.

In China, soybeans are mainly used for animal feed and edible oil production.  

Chinese state-owned enterprises have started purchasing American soybeans a few days before the summit, with a cumulative purchase volume of 2.5 million tons as of mid November. There will still be new orders after that, but due to the impact of the US government shutdown, the latest procurement data has not been released yet.

According to the latest statement from US Treasury Secretary Vincent, China is expected to purchase at least 12 million tons of US soybeans by the end of February next year. Beijing has not officially confirmed this number, but has lowered relevant tariffs and lifted import bans on three American exporters.

As China increases its purchases of soybeans from the United States to implement the consensus reached between China and the United States at the end of October, Beijing is also accelerating the auction of its national reserve soybeans.

According to Bloomberg, China has always adjusted and rotated its large soybean reserves through auctions, but this sell-off is the first action since China and the United States reached a trade ceasefire and resumed purchasing soybeans from the United States.

According to official reports and data from Chinese consulting firm Mysteel, China has held two auctions since last Thursday (December 11th), with approximately 720000 tons sold out of over 1 million tons of soybeans released. The relevant departments also plan to hold another auction on Friday (December 19th), releasing 550000 tons of soybeans.

In China, soybeans are mainly used for animal feed and edible oil production.  

Chinese state-owned enterprises have started purchasing American soybeans a few days before the summit, with a cumulative purchase volume of 2.5 million tons as of mid November. There will still be new orders after that, but due to the impact of the US government shutdown, the latest procurement data has not been released yet.

According to the latest statement from US Treasury Secretary Vincent, China is expected to purchase at least 12 million tons of US soybeans by the end of February next year. Beijing has not officially confirmed this number, but has lowered relevant tariffs and lifted import bans on three American exporters.