USDA Report says China Continues to Buy U.S. Ag Products

Trade reports released by USDA last week show that China is picking up the pace of buying U.S. ag commodities, making both old-crop and new-crop purchases. Chinese buyers are purchasing a lot of U.S. corn, soybeans, and wheat in their recent run on commodities during the week of July 3-9. USDA reported 768,300 metric tons of old-crop corn sales, as well as 600,000 tons of new-crop sales. Additional corn exports during the week were 119,700 tons. The USDA trade report also showed that new export sales of soybeans were for 552,000 tons, 390,000 of which will be delivered during the next marketing year that starts on September 1st. The export sales report says new soybean crop sales came in at 389,000 tons, and exports were almost 228,000 tons. Chinese buyers also purchased more than 323,000 tons of wheat during the same week. That pushed the total sales up to the highest point for 2020-2021. The USDA also says weekly exports totaled 113,700 tons. Net sales of cotton, rice, and barley were all lower than the previous week. Net sorghum sales were up 35 percent from the prior week.