The USDA did not report any soybean export sales to China on Friday, ending an 11 day buying streak. “That was the first day since August 4 we didn’t have a flash sale report from the USDA from China,” said Arlan Suderman, chief commodities economist, Stone X Group. “They’ve bought a lot of soybeans. China needs U.S. soybeans for October delivery, which means they need to load up those soybeans from the Gulf of Mexico now. There won’t be as many soybeans going to the Pacific Northwest with the short-crop. It takes more than one month for soybeans to arrive in China from the Gulf of Mexico.” Once the soybeans get to China, Suderman says soybeans may have to sit for one month, due to port congestion problems from COVID protocols. Soybean crushers may feel the pinch in six weeks.
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