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Story summary
- USDA confirmed Chinese state traders bought about 504,000 tons of U.S. soybeans for October-November shipment.
- Buyers paid $3.03 and $3 premiums over the November CBOT price for eight Gulf Coast and six Pacific Northwest cargoes.
- Sinograin sold roughly half of the 504,000 tons at Friday’s auction to accommodate the incoming U.S. cargoes.
- The White House announced in October that China pledged to buy 25 million tons of U.S. soybeans annually through 2028.
