China snapped up another 136,000 metric tons of 2019-20 U.S. soybeans this week, according to a USDA announcement Tuesday, showing the country is not letting up on purchases that go toward meeting its promises under the “phase one” trade agreement.
Last week, USDA reported sales of 378,000 tons of U.S. soybeans, 242,000 tons of which will be delivered in the 2020-21 marketing year. Chinese buyers are mostly loading up on Brazilian soy, but their focus is expected to shift heavily to U.S. new crop soon. Meanwhile, China is also buying extraordinary amounts of U.S. corn and wheat.
On Thursday, Chinese importers bought a whopping 686,000 metric tons of U.S. corn. Of that, 371,000 tons is for delivery in 2019-20 and 315,000 tons is for delivery in 2020-21. Previously, on March 20, China purchased 756,000 tons of corn and 340,000 tons of wheat. On April 3, China bought another 567,000 tons of corn.
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