The USDA announced on Wednesday sales of 715,000 metric tons of U.S. soybeans to China, 649,000 tons of which are scheduled for delivery in the 2020-21 marketing year, which begins Sept. 1.

The hefty sale announcement follows smaller Chinese purchases announced Tuesday of 126,000 tons of U.S. new crop soybeans and Monday of 132,000 tons. Both of those sales are for 2020-21 delivery.

John Baize, an analyst for the U.S. Soybean Export Council, says Chinese buyers — both large state-owned companies and smaller private operations — are snapping up the new crop U.S. soybeans at a quick pace in order to line up the deliveries that Chinese crushers will need in the coming months, and he predicts the activity will pick up speed in August.

“The fact that our soybeans at the (Pacific Northwest) are $6 per ton cheaper than Brazil shows we’re really getting very competitive,” Baize said.

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Spot prices show that U.S. soybeans for delivery through the PNW are $373 per ton, FOB, while soybeans out of Brazil are $379.25, Baize said.

The USDA also announced Wednesday export sales of 211,300 metric tons of new crop U.S. soybeans to “unknown destinations.” Baize said those are likely destined for Europe, but the specific importing country has not yet been settled on.

Also announced Tuesday were sales of 180,000 tons of U.S. soybeans and 207,880 tons of U.S. corn to unknown destinations. All of the soybeans and 182,480 tons of the corn were for 2020-21 delivery.

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