Chinese state-owned companies purchased nearly 1 million metric tons of U.S. soybeans for October and November shipment, capitalizing on a 5.2% drop in Chicago Board of Trade (CBOT) futures prices over the past week. The bulk operation, comprising 14 to 16 cargoes, was seen by traders as an opportunistic move that intensifies competition with Brazilian soy and puts potential downward pressure on Brazil’s export premiums as the U.S. begins its harvest season.