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China buys U.S. soybeans for third day in a row

FILE PHOTO: Soybeans in a field on Hodgen Farm in Roachdale, Indiana, U.S. November 8, 2019. Picture taken November 8, 2019. REUTERS/Bryan Woolston

CHICAGO (Reuters) - China agreed to buy 136,000 tonnes of U.S. soybeans, the U.S. Agriculture Department said on Friday morning, the third straight day in a row an export deal with the world’s top soy importer has been announced.

Chinese buyers have booked 606,000 tonnes of U.S. soybeans this week - all for delivery in the 2019/20 marketing year - as futures prices fell to an 11-month low due to fallout from the coronavirus pandemic.

China is preparing to buy more than 30 million tonnes of crops for state stockpiles to help protect itself from supply chain disruptions caused by the coronavirus pandemic and make good on pledges to buy more U.S. crops, three sources told Reuters. The plan includes about 10 million tonnes of soybeans, two sources said.

Reporting by Mark Weinraub; Editing by Nick Zieminski

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