China’s 700 Percent Increase of U.S. Peanut Imports

Soybeans aren’t the only legumes China is interested in buying.

Peanuts
Peanuts
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Soybeans aren’t the only legumes China is interested in buying.

According to the USDA, China is forecasted to buy roughly $100 million worth of peanuts, an increase of more than $80 million, or 700 percent, from 2015.

From January to July, $29 million have been sold from Texas, Georgia, Alabama, North Carolina and Virginia.

Last summer, China increased its imports and purchased $172 million worth of peanuts.

In the latest crop progress report, 13 percent of the Georgia peanut crop is harvested and conditions are nearly 75 percent good to excellent.

AgWeb-Logo crop
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Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
Chip Nellinger, Blue Reef AgriMarketing says corn saw pressure from weather and lack of bullish news in the WASDE.
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