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CHINA CONTINUES TO UP ITS PURCHASES OF U.S. SOYBEANS
Oct. 2, 2020
Agri-Pulse reports:
The U.S. sold about 1.3 million metric tons of soybeans to China in the week of Sept. 18-24, following the previous week's total of roughly 1.9 million tons. It is fresh evidence that Chinese demand remains strong as the country rebuilds its swine herd and boosts poultry production.
The new trade numbers released Thursday by USDA also show physical exports of U.S. soy to China also remain strong. The U.S. shipped 893,900 tons to China during the latest weekly data, up from 769,300 tons Sept. 11-17.
Perhaps most telling is the latest sales figure on outstanding sales. China has purchased - but not yet imported - about 17.4 million tons of soybeans for 2020-21 delivery, as of Sept. 24. A year ago - when the impacts of the U.S.-China trade war were harsher - outstanding sales totaled just 2.9 million tons.
It was in March this year that China began to officially exempt importers from the country's tariffs on U.S. ag commodities.
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