U.S. weekly soybean sales hit 11-year high after Chinese buying

Weekly U.S. soybean export sales last week of more than 3.9 million metric tons marked the highest combined crop year sales total since 2012, after a surge in Chinese buying, U.S. Department of Agriculture (USDA) data on Thursday showed.

USDA reported net soybean export sales in the week ended Nov. 9 of 3,918,400 metric tons for shipment in the 2023/24 marketing year that began on Sept 1, and no sales of soybeans for the 2024/25 marketing year. The total was the largest tally since the week ended Feb. 16, 2012.

China, the world’s top importer of the oilseed, accounted for 2,614,600 metric tons in sales last week, including 198,000 metric tons switched from “unknown destinations” and a decrease of 5,500 metric tons, USDA said.

Another 721,300 metric tons were slated for shipment to “unknown destinations,” which often means buyers in China. EXP/SOY

The wave of buying, viewed by some traders as a goodwill gesture ahead of a meeting this week between U.S. President Joe Biden and Chinese leader Xi Jinping, was welcome news for U.S. farmers looking to selling their crops at better cash prices.

Overseas sales of the top U.S. export crop have lagged expectations this season after a record harvest in Brazil, the world’s top soy supplier.

Last week’s buying also coincided with adverse weather in Brazil that has disrupted planting of the country’s next crop and sent benchmark soybean futures Sv1 on the Chicago Board of Trade to 2-1/2 month highs.
Source: Reuters (Reporting by Karl Plume and P.J. Huffstutter in Chicago, editing by Julie Ingwersen and Alexander Smith)