China increases purchases of soybeans from the US

21 Aug, 2017
China increases purchases of soybeans from the US
Despite strong competition on the part of Brazil, soybean export from the US to China increases against the backdrop of competitive US prices.

According to USDA, weekly export sales of soybeans two weeks ago exceeded analysts' expectations - 549,000 tonnes, a record for the past two months. Export to China is at highest level for the past three weeks.

 

Today, the US soybean price was 12 USD / mt lower than the Brazilian soybean in the Parangua port for shipment from September to November.

 

Demand for US soybeans is supported by the expectations for an excellent harvest in 2017 and high level of the ending stocks in 2016-2017.

 

Recently, a China-US contract was signed for the supply of 3.8 million tonnes of soybeans to the Asian country. Previously, a contract was signed for supply of 12.5 million tonnes of soybeans.