China buys 1.93 million tonnes of U.S. soybeans
Sept. 18, 2013
by Laura Lloyd
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WASHINGTON — The U.S. Department of Agriculture said Sept. 18 that China bought 1.93 million tonnes of soybeans for delivery during the current 2013-14 marketing year from U.S. private exporters.
The U.S.D.A. also said private exporters sold 182,000 tonnes of soybeans to “unknown destinations” for the 2013-14 marketing year that began Sept. 1. The market typically assumes that sales made to “unknown destinations” are actually going to China.
Soybean futures prices in Chicago were modestly higher at midmorning Central Time. They turned higher after softening in early trading on forecasts of favorable weather.
Export sales activity of 100,000 tonnes or more of a single commodity to one destination (20,000 tonnes for soybean oil) must be reported to the U.S.D.A. by 3:00 p.m. Eastern Time the following business day. Smaller quantities of grains and soy complex products are reported in the U.S.D.A.’s weekly export sales report released on Sept. 19.
In the export sales report for the week ended Sept. 5, the U.S.D.A. said China bought 205,000 tonnes of U.S. soybeans for delivery in 2013-14. Additional sales of 73,900 tonnes to “unknown destinations” presumed to be China, were also made during the week ended Sept. 5. Total export sales of U.S. soybeans for that week were 478,100 tonnes. China is the largest importer of U.S. soybeans.