China bought at least 14 cargoes of U.S. soybeans on Monday, two traders with knowledge of the deals said, its largest purchase since at least January and the most significant since a summit between President Donald Trump and President Xi Jinping in October.

China is buying U.S. soybeans to meet the pledges it made to Washington at the trade summit in Busan, South Korea, even though the cargoes are priced higher than rival Brazilian offers, two Asia-based traders said.

Commitment to the Busan Agreement

“This bigger round of U.S. soybean buying is no longer a goodwill gesture but a manifestation of China’s commitment to the Busan terms,” said a Singapore-based trader.

China’s state-owned grain trader COFCO bought at least 840,000 metric tons for shipment in December and January, the

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