China Aggressively Booking Soybeans

Chinese firms have booked at least 40 cargoes of soybeans from the U.S., Brazil and Argentina in the past two weeks alone, Bloomberg reports, citing people familiar with the transactions. The purchases are to take advantage of improved processing margins, and to rebuild stockpiles ahead of Chinese festivals that run from the autumn through to the Lunar New Year, said the people. Most of the cargoes are for loading in September and October, although some have been booked for next year, they said.