For the third day in a row, the USDA confirmed a large sale of U.S. soybeans to China, this time 586,000 tonnes. With the purchase, reported by private exporters on Wednesday, China bought 3.8 million tonnes of soybeans in three days and is well on its way to the 5 million tonnes promised during a White House meeting last week.
Exporters reported the sale of 612,000 tonnes on Monday and 2.603 million tonnes — the third-largest sale ever of U.S. soybeans — on Tuesday. The purchases are worth a combined 1.28 billion at current futures prices. Under a law enacted after huge Soviet purchases of U.S. wheat in the 1970s, exporters are required to promptly report the sale of 100,000 tonnes or more of grains or soybeans.