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.
More below:
https://www.agri-pulse.com/articles/14118-china-ramps-up-us-soy-purchases-on-good-prices
https://af.reuters.com/article/commoditiesNews/idAFL3N2ET0US