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China continues soy buying spree

soy

Chinese importers purchased enough U.S. soy­­beans last week to fill 11 Panamax-sized ships, signaling that the country is counting on the upcoming U.S. harvest to fulfill its needs in the final five months of the calendar year, Agri-Pulse reported.

The U.S. Department of Agriculture (USDA) announced last Thursday that Chinese buyers purchased 657,000 metric tons of U.S. soybeans for the 2020-21 marketing year, which begins Sept. 1 It also announced a sale of 63,000 tons for delivery in the remainder of this marketing year.

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