December 24, 2004

US Soybean Export Sales Total Lifted by Chinese Buying

US soybean sales is seeing no slowdown from China's buying interest, according to the weekly export sales data from USDA for the week ending December 16.

Net sales of 1,157,400 MT (42.5 million bushels) were 33 percent higher than the previous week, 51 percent above the prior 4-week average, and well above trade expectations.

The principal buyers were China (579,000 MT, including 110,000 MT switched from unknown destinations), Germany (155,800 MT, including 143,000 MT switched from unknown destinations), Mexico (111,100 MT), Japan (88,400 MT), Indonesia (60,200 MT), Belgium (60,000 MT), and Taiwan (57,700 MT). Optional origin sales of 33,900 MT for the Netherlands were declared US origin.

Exports of 1,245,300 MT were 47 percent above the previous week and 23 percent over the prior 4-week average. The primary destinations were China (538,000 MT), Germany (154,800 MT), Spain (125,500 MT), South Korea (51,200 MT), and Egypt (47,700 MT).