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USB keeping close eye on uptick in Chinese purchases of US soy

The VP of Market Intelligence for the United Soybean Board says China has been making more purchases of US soybeans in recent weeks.

Mac Marshall says the uptick in purchases can be attributed to Brazil having a shorter crop last year. “Chinese imports of soybeans over the course of the year have been down with a lot of that due to declining availability out of Brazil. So, seeing this surge in demand when the US really takes center stage as the main exporter to the world is very exciting.”

He tells Brownfield the US has a robust order book for the new crop marketing year. “A lot of that going to China,” Marshall said. “China has had a lot of spot purchases in the last couple of weeks. You see that in the flash sales the USDA puts out. Also, with shipments to unknown destinations, a lot of that does typically wind up in China.”

Marshall says China has also faced adverse weather conditions that have impacted its soy production.