Two traders told Reuters that state-owned Chinese grain trading company COFCO has bought at least 14 soybean cargoes from the United States, or 840,000 tonnes, for December and January shipment. One trader said eight of the cargoes are for loading from U.S. Gulf Coast ports in December and January, while the rest are for January from Pacific Northwest ports. Another trader estimated that about 75% of the sales are for shipments from the Gulf, with the rest from Pacific Northwest ports. The two traders told Reuters that the total sales could be higher if more deals are finalized. China has largely avoided U.S. soybeans.
