(USAGNET) – China bought soybeans from the United States on Tuesday (March 1) as American cargoes were competitive against Brazilian shipments, despite it being the peak period for South American soy exports, three sources said.

According to Reuters, China booked at least five cargoes of U.S. soybeans for shipment in April-May, according to an Asia-based trader with knowledge of the deal.

While the five cargoes were old crop beans, China also booked a few American new crop soybeans that will be available from September, according to the trader, who declined to be identified as he was not authorized to talk to media.

The deal was made as U.S. beans were cheaper than Brazilian beans, and physical crush margins were “sexy,” the trader said.

Physical crush margins for U.S. Gulf beans for delivery in April-May were around 500 yuan ($79.19) per tonne, according to data from Mysteel, a China-based consultancy.

“(Margins) are pretty high; whoever has beans would make a fortune,” said another trader based in northern China, who was not among the three sources who confirmed the buying on Tuesday.

China’s soybean meal prices soared to record highs last month amid tightening supplies, and as bad weather cut crop size estimates and delayed exports in Brazil, the world’s top exporter.

Meal and soybean oil prices in China got another boost following the war between Russia and Ukraine, two major grain and edible oil exporters, which has disrupted world agricultural supply chains and sent global prices rallying.