China to buy another 12 million T of U.S. soybeans in 2017/18 in $5 billion deals

The United States soybean industry has signed two letters of intent with Chinese importers covering a $5 billion purchase of an additional 12 million tonnes of soybeans in the 2017/18 marketing year. In the first agreement, signed on Nov. 8, it intended to purchase 8 million tonnes of U.S. soybeans worth $3.4 billion. A second agreement signed between grains trader ADM and China’s COFCO for intent to purchase 4 million tonnes of soybeans worth $1.6 billion.