China Turns to Cheaper Brazil Soybeans After Meeting US Pledge

China, the world’s largest soybean importer, has ramped up orders for Brazilian cargoes of the oilseed after meeting an initial shipment volume from the US as part of a trade truce with Washington.

In the past week, importers have booked at least 25 cargoes of the beans for loading mainly in March and April, driven by margins, according to traders with knowledge of the deals. At the same time, state-owned companies have appeared to refrain from taking US cargoes, said the people, who declined to be named as they were not authorized to talk to the media.

Soybeans emerged as ...