A Chinese trade delegation signed 21 purchase agreements with U.S. exporters for 4.8 million tonnes of U.S. soybeans worth $2.3 billion, said the U.S. Soybean Export Council. Reuters said the agreements were announced at the end of a week-long tour. The agreements equal 4.5 percent of this year’s crop. China is the world’s largest soybean importer and buys two-thirds of global exports. USDA estimates Chinese imports at 74 million tonnes in 2014/15.
Meanwhile, industry sources in Asia told Reuters that Chinese imports of U.S. soybeans could fall by as much as one-fourth this marketing year. Tepid economic growth and slowing demand for livestock feed has resulted in a soybean glut that has destroyed profits for soy processors, the sources said.