The U.S. Department of Agriculture (USDA) in export sales data released on Jan. 17 said net sales of U.S. soybeans during the week for delivery in the current 2012-13 marketing year totaled 1,608,800 tonnes, five times the prior week’s sales of 321,800 tonnes for the same year and the highest weekly total since the marketing year began Sept. 1, 2012.
The weekly sales included 845,600 tonnes, or 53% of the total, designated for China. An additional 180,000 tonnes of soybeans were sold during the week for delivery in the 2013-14 marketing year, all for China, the USDA said.
The two-year combined sales total for the latest week was more than double the high end of trade expectations that ranged from 550,000 to 750,000 tonnes.
China, the largest importer of U.S. soybeans, cancelled earlier purchases of at least 840,000 tonnes, and possibly more designated as "unknown destinations," of U.S. soybeans in December, according to the USDA.