China Buys More Soybeans

May 15, 2013 03:27 AM
 

Private exporters reported to USDA export sales of 171,000 metric tons of soybeans to China during the 2013-14 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 metric tons or more of one commodity, except 20,000 tons 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.

PF Perspective: China National Grain and Oils Information Center expects the nation to import a record-large 66 MMT of soybeans in 2013-14, due to strong domestic demand and tight supplies. But strong Chinese demand is known. Thus, while daily sales announcements and bullish import projections for China provide underlying support, such news has not been enough to spur active buying -- yet.

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