U.S. government data on Monday showed exports of soybeans to China picking up to...
CHICAGO - U.S. government data on Monday showed exports of soybeans to China picking up to the most in five months last week ahead of trade talks between the two countries in Shanghai, although the shipments were for beans bought months ago and new purchases have proven elusive.
The U.S. Department of Agriculture said on Monday nine bulk U.S. soybean shipments carrying about 600,000 tonnes were inspected for export to China in the week ended July 25, the most for a single week since mid-February. One corn cargo was also shipped last week, the data showed. Soybean prices have tumbled as U.S. stockpiles swelled to a record 1.8 billion bushels as of June 1, putting more pressure on slumping incomes for farmers, a key Trump constituency.
A small amount of U.S. pork has been sold. But the USDA has not confirmed any new soy purchases by China since the G20, even after China last week offered five companies a chance to buy limited amounts of U.S. soy tariff-free. USDA rules require exporters to report any grain sales of more than 100,000 tonnes to a single destination within 24 hours.
U.S. volumes left unshipped at the end of August may be canceled or rolled to the next crop marketing year beginning Sept. 1 when newly harvested soybeans will further swell the end-of-season stocks. China last week canceled 148,000 tonnes of soybean orders, according to USDA data on Thursday.
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