China Buys More U.S. Soybeans

January 14, 2013 02:04 AM

Private exporters reported to USDA export sales of 120,000 MT of soybeans to China during the 2012-13 marketing year. The marketing year for soybeans began Sept. 1.

USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 MT or more of one commodity, except 20,000 MT for soybean oil, made in one day to one destination, by 3 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.

Juli says: This follows an active buying spree from China last week for the current and upcoming marketing year. It's time to declare soybeans are a value, as China is signaling prices have fallen far enough to encourage them to increase purchases or at least rebook what they cancelled earlier.

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