USDA Confirms More Soybean Exports to China, First Wheat Sale
Sale Brings Volume of Soybeans Sold to China Since Oct. 30 to 1.8 Million Tons
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The U.S. Department of Agriculture announced more sales of American soybeans to China along with the first known sales of wheat to the Asian nation.
The USDA in its daily export sales reporting system Nov. 20 said China booked 462,000 tons of U.S. soybeans and 132,000 tons of white wheat. That brings the volume of soybeans sold to China since Oct. 30 to 1.8 million. Traders now are watching for further signs of buying, with officials in Washington estimating Beijing’s pledge at 12 million tons of U.S. soybeans by the end of this year.
Soybean futures fluctuated in Chicago, turning lower after gaining as much as 0.6%. Wheat also erased an earlier gain.
The warming of ties between the U.S. and China have boosted crop prices, with soybeans hovering near the highest levels since June 2024. However, the first significant buying of American supplies this year by importers in China is also coming as Brazil is raising a record soy harvest while a stronger U.S. dollar makes such supplies relatively more expensive.
“The U.S. dollar has moved to its highest level since May 12 this morning, reducing U.S. competitiveness, which may mean prices need to come down more to encourage additional China purchases,” Hightower Report said in a note.
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