The USDA reported significant export purchases from China this week. Sales announcements from USDA included a Wednesday announcement of sales of 715,000 metric tons of U.S. soybeans to China, 649,000 tons of which are scheduled for delivery in the 2020-21 marketing year. This announcement followed previous announcements Tuesday of 126,000 tons of U.S. new crop soybeans and Monday of 132,000 tons. Both of those sales are for 2020-21 delivery.
John Baize, an analyst for the U.S. Soybean Export Council, says Chinese buyers are snapping up the new crop U.S. soybeans at a quick pace in order to line up the deliveries that Chinese crushers will need in the coming months, and he predicts the activity will pick up speed in August.