More U.S. soybeans may be on the way to China soon. Our industry insiders tell us China may be buying somewhere between 500,000 mt and 2.5 mmt this week.
As AgDay first reported on Twitter, China is buying a vessel full of U.S. sorghum. The total buy equates to 2.6 million bushels. Farm Journal's Tyne Morgan reports this is the first big purchase by China of U.S. sorghum since the country slapped a 25% tariff on sorghum last year. She spoke with the National Sorghum Producers. Leaders believe this is a direct result of trade talks going on right now between the U.S. and China.
Tim Lust of the National Sorghum Producers told us at Commodity Classic, "They're [China] hungry. They have a lot of end users that really like our product, got very accustomed to our product and are very excited about the opportunity to come back."
The National Sorghum Producers also reported a 2.2 million bushel sale to Spain.
The USDA also released it's confirmed export sales data on Thursday. It reported net sales of soybeans of 311,400 mt in net sales. That includes 146,300 mt to China. Wheat sales totaled 621,700 mt, with Mexico being the top buyer (156,600 mt). Corn had net sales of 969,700 mt. Mexico was also the top buyer of corn (375,300 mt).
You can read the full USDA Export Sales report here.