China Cancels Old-Crop Bean Purchases, Buys for 2014-15

February 12, 2014 02:42 AM



Private exporters reported to USDA the following activity:

  • Cancellations of export sales of 272,000 MT of soybeans to China during the 2013-14 marketing year; and
  • Export sales of 240,000 MT of soybeans to China during the 2014-15 marketing year.


While not large cancellations, traders expect more tonnage to be announced soon as Brazilian soybeans are priced below U.S. supplies and are becoming more readily available. But China's purchases for 2014-15 signal demand will remain strong for quite some time.

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, made in one day or quantities totaling 200,000 tons or more in any reporting period, 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.


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