China Keeps Buying U.S. Soybeans
Lack of Argentine supplies extending U.S. sales season.
Bryce Knorr
Published: Apr 16, 2009
Purchases by China, the world's largest soybean buyer, again dominated U.S. sales in the latest week, according to data released this morning by USDA. Total exports reached 29.8 million, well above trade guesses, with China taking about half the total.
The strong showing comes after reports this week that China was continuing to be an aggressive buyer, and keeps soybeans on track to beat USDA's current forecast for the marketing year. While most of China's recent purchases have been sourced from Brazil, lack of Argentine supplies are extending the sales season for the U.S.
Corn exports also were good, at 40.5 million bushels of old and new crop business. Customers from Asia and the Americans remain our biggest buyers, with other markets dominated by feed wheat purchases and corn supplies out of eastern Europe. USDA this morning also announced the sale of 9.1 million bushels of old crop corn to unknown destinations.
Wheat sales are winding down for the season, coming in at 11.4 million bushels, in line with trade guesses. A few more tenders are starting to pop up out of the Middle East and North Africa, where drought hurt production this year. In addition to a snap tender from Egypt, Morocco and Syria also put out feelers today.
For the complete export report, click here.
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Tagged: usda, wheat, soybeans, soybean, Drought
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