This week revealed a significant purchase of U.S. soybeans by China, which offered some much needed positive signs for trade between the U.S. and China. In recent weeks, the rhetoric between the two nations intensified, and optimism had waned a little as a result. However, this purchase appears to indicate that things may be moving back in a productive direction.
Private exporters reported to the U.S. Department of Agriculture export sales of 720,000 metric tons of soybeans for delivery to China. Of the total, 63,000 metric tons is for delivery during the 2019/2020 marketing year and 657,000 metric tons is for delivery during the 2020/2021 marketing year.