Chinese state-owned firms bought at least 1 million tonnes of U.S. soybeans on Friday, a day after high-level bilateral talks yielded progress toward a trade deal and a Chinese commitment to buy more U.S. soybeans.

 

The purchases are slated for shipment between April and July, with a large share expected from U.S. Gulf Coast export terminals, three traders with knowledge of the deals said.

 

One trader with direct knowledge of the deals said total purchases were around 2.2 million tonnes. The other two traders said the sales were similar to three recent waves of buying in which state-owned firms booked 1 million to 1.5 million tonnes of soybeans.

 

U.S. soybean futures rallied to multi-month highs on Friday on news of renewed demand from the world’s top importer.

 

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