China bought at least 12.3 million bushels of U.S. soybeans in the last week. StoneX Group Chief Commodities Economist Arlan Suderman says USDA’s confirmation was the first flash report with China buying U.S. soybeans since April 23. “It’s pretty monumental. They’re buying for the October and November delivery. Our sources indicate China likely bought one million metric tons for October delivery and one million metric tons for the November delivery. If that’s true, there’s likely more announcements ahead.” Suderman says those soybeans are expected to be shipped out of the Pacific Northwest. “That’s where the cheapest soybeans are right now.”
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