Market News & Headlines >> Chinese Buying of U.S. Soybeans Continues
Chinese buyers continue to actively purchase U.S. soybeans, mostly for 2020/21 delivery, with USDA on Tuesday announcing a soybean export sale to China for the fifth time in six market days.
USDA has also announced significant sales to “unknown destination” in recent days that are widely thought to be to China as well.
Tuesday’s soybean sale was relatively small at 126,000 metric tons, but sales to China announced by USDA since July 14 total 1.166 million metric tons (42.9 million bushels) for 2020/21 delivery and 132,000 tons (4.85 million bushels) for 2019/20 delivery. During the same period, USDA has also announced a total of 657,000 tons (24.1 million bushels) in sales to “unknown destination”.
The recent sales come on top of sales to China totaling 4.616 million metric tons (169.6 million bushels) that USDA had reported through July 9. So, indications are that China has bought at least 5.782 million tons (212.5 million bushels) of U.S. soybeans for 2020/21 delivery. The total advance U.S. soybean sales to China for next marketing year delivery appear to be the largest since 2014.
Advance U.S.. soybean sales to “unknown destination” for next marketing year appear to total at least 2.897 million metric tons so far. Total advance U.S. export sales for next marketing year delivery should now total more than 9.9 million metric tons, which would also be the largest since 2014.