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Chinese importers bought a small amount of bulk soybean cargoes on Wednesday, which will be shipped in December and January at the U.S. Gulf Coast and Brazilian ports. Analysts and an export trader said that the quantity of soybeans purchased this time is about three to four shipments, with a maximum of about 240,000 tons. Prior to the sharp drop in soybean prices on Tuesday, the Chicago Board of Trade (CBOT) index soybean futures fell by about 2%.
According to Reuters, quoting analysts and traders, China is buying American and Brazilian soybeans while prices are falling. According to the latest data from the U.S. Department of Agriculture, as of November 18, the total amount of confirmed Chinese purchases of US soybeans this year is about 19.7 million tons, which is less than the nearly 29.2 million tons in the same period last year.
In the traditional U.S. soybean export season this fall, the quantity of Brazilian soybeans ordered by Chinese importers was higher than normal due to higher U.S. soybean prices and a strong U.S. dollar.
The trader revealed, “As (prices) have dropped significantly, China is considering purchasing more soybeans. Chinese crushers are profitable.” said Don Roose, president of US Commodities in West Des Moines, Iowa. “They have been South America and the United States purchase, but our sales window is about to close, so we have to get busy. By February, we will no longer be a major exporter. Procurement will begin to shift to South America in large numbers.”
An American export trader stated that China has already booked about 85% of its estimated soybean purchases in December, and about half of the demand for January has already been booked.
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