Saturday, May 18, 2024
HomebusinessExclusive-China buys more US soy in second day of active purchases -traders

Exclusive-China buys more US soy in second day of active purchases -traders

CHICAGO : Chinese importers bought at least five more U.S. soybean cargoes on Wednesday in a second day of active buying after booking their largest purchases in months a day earlier, two U.S. exporters familiar with the deals said.

The purchases, containing some 300,000 metric tons of the oilseed, were for shipment from U.S. Gulf Coast and Pacific Northwest ports between December and March, they added.

The wave of buying by the world’s top soybean importer was welcome news for U.S. farmers as overseas sales of the top U.S. export crop have lagged expectations.

The flurry of soy import deals, some of China’s largest from the United States this year, coincided with uneven crop weather that has marred the start of the soy growing season in Brazil, the world’s largest soybean supplier.

The U.S. Department of Agriculture (USDA) on Wednesday reported private U.S. soybean sales totaling more than 900,000 metric tons to China and undisclosed destinations via its daily reporting system, confirming a Reuters story from Tuesday.

Benchmark U.S. soybean futures on the Chicago Board of Trade rallied to a two-month high on Wednesday on news of the Chinese demand.

Cash market premiums for soybeans shipped by barge to Gulf Coast terminals and loaded for export gained up to 6 cents a bushel after adding as much as 10 cents the prior day.

- Advertisment -

Most Popular