Country may be buying out of necessity and not to live up to its trade promises
source: AgWeb
Monday's market news started off with a bang, as USDA confirmed more reports of China buying U.S. soybeans.
According toAgWeb, USDA reported private exporters bought 390,000 metric tons of soybeans for delivery in the 2020/2021 marketing year.
As China ramps up its purchases from the U.S., China may be buying out of necessity, instead of buying to live up to its Phase One trade promises.
Arlan Suderman of INTL FCStone toldAgWebthe China buying trends may mean they are hoarding products, to protect from any future slowdowns in shipments and movement of products.
US Corn Price Idx:ZCPAUS.CM
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high: 6.9023
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US Soybean Price Idx:ZSPAUS.CM
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low: 14.6083
close: 14.6678
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high: 7.6775
low: 7.4014
close: 7.4256
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