The USDA (United States Department of Agriculture) announced additional soybean sales this Tuesday (20th) to China and Mexico, totaling 371,492 tons. This includes 132,000 tons sold to China and another 239,492 tons to Mexico, all from the 2024/25 crop year.
This marks the second announcement of the week, bringing the total reported sales to 813,492 tons between Monday and Tuesday alone. The United States is currently offering more competitively priced soybeans compared to Brazil, attracting buyers, especially among Chinese processors.
"Chinese crushers have ramped up purchases in recent months after global price declines helped lower import costs, leading to excessive inventories at a time when demand for animal feed remains weak," reported Reuters.
As a result, U.S. soybean purchases by China in July tripled compared to the same month in 2023, reaching 475,392 tons.
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