U.S. soybean and corn exports buoy as China returns

Published 2023년 3월 16일

Tridge summary

The U.S. export outlook for grain and oilseed has improved due to heavy Chinese corn purchases and old-crop soybean deals, with the USDA announcing sales of 1.92 million tonnes of old-crop corn to China in three days. Chinese orders for 2022-23 US corn have reached at least 6.5 million tonnes, down nearly 50% from the same period last year. China's grain imports are reliant on Brazil and Ukraine, with China expecting a large Brazilian crop and supporting the extension of the Black Sea grain deal, which includes Ukraine. Despite expected record Brazilian soybean exports in March, demand for US grains may decline as China may be less interested in US beans due to the large volumes of Brazilian beans expected to arrive. US new crop sales to China have seen a significant decrease from last year.

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Original content

By Karen Braun NAPERVILLE, ILLINOIS (Reuters) - The U.S. grain and oilseed export outlook had begun to deteriorate in recent weeks as sales slumped, but heavy Chinese corn purchases and even some old-crop soybean deals have rejuvenated a little the North American market. The US Department of Agriculture on Thursday made its third consecutive announcement of US old-crop corn sales to China totaling 1.92 million tonnes in three days. Corn sales to China have not spiked on consecutive days since May 2021, and the last cereal deal to China before this week was in August. The latest sales take Chinese orders for 2022-23 US corn to at least 6.5 million tonnes through Thursday, down nearly 50% from the same week a year ago. China expects its 2022-23 imports to be 18 million tonnes, up from nearly 22 million a year earlier. Analysis of the numbers shows that there may be room for even more old-crop corn deals from the US to China, but the final outcome will depend heavily on the next crop ...

Source: NoticiasAgricolas