Chinese importers buy 12.53 million tonnes of US soybeans.

A delegation of commodity importers from China, the world top buyer of soybeans, signed agreements to buy 12.53 million tonnes of the US crop, the second largest deal between the two countries. The previous record was a 13.18 million-tonne agreement signed in 2015. The non-binding deal was signed at a ceremony in Des Moines, Iowa. The US Agriculture Department expects China to import 93 million tonnes of soybeans in the 2017/18 marketing year, up from 89 million in 2016/17. Total US soybean exports are pegged at 58.51 million tonnes, up from 55.79 million tonnes a year earlier. China has become a strong importer of soybeans due to rising consumption of both poultry and livestock.