China Buys a Large Supply of U.S. New Crop Soybeans

Soybean and grain sales for overseas delivery dropped in the seven days ending on February 24. 

However, USDA says soybean sales for delivery in the 2022-2023 marketing year beginning on September 1 totaled 1.39 million metric tons, with China buying 1.26 million. 

For the week ending on February 24, soybean sales totaled 857,000 metric tons, a 31 percent drop from the previous week and 34 percent lower than the prior four-week average. 

Exports for the week reached 751,000 metric tons, a 40 percent drop week-to-week. Corn sales dropped to 485,000 metric tons during the week, down 53 percent from the week before and 47 percent from the four-week average. 

Corn exports during the week hit 1.55 million metric tons, down 18 percent week-to-week. 

Wheat sales dipped 42 percent from the prior week to 300,000 metric tons. That was a 54 percent rise compared to the prior four-week average. 

Wheat exports dropped 33 percent to 365,000 tons.

(Story Courtesy of the NAFB News Service)