Chinese state-owned trading companies purchased 8 to 10 cargoes of U.S. soybeans totaling 520,000 to 650,000 tonnes this week, with shipments expected to begin gradually from December, marking the first large-scale purchases since the Trump-Xi summit.
According to Reuters, as the list of reciprocal tariff reductions between China and the US is announced, state-owned buyers such as Sinograin and COFCO have already purchased over 12 million tons of US soybeans, while private crushing enterprises are struggling to bear the tax burden due to an additional 10% tariff.
Master Kong reported instant noodle business revenue of over 13.7 billion yuan, up 2% year on year; Uni-President reported food business revenue of over 5.6 billion yuan, up 4.7% year on year.