USDA Confirms Sizable Sale of Soybeans to China

USDA confirmed this morning that 926,000 metric tons of US soybeans have been sold to China for delivery in the 2018/19 marketing year. This confirmation comes after China said that it would purchase 10M metric tons of soybeans from the US. The purchase does not cover the Chinese expectations, and traders are becoming weary of not knowing anything concrete amount about the trade deal. “The soybean market needs new positive news,” says Tomm Pfitzenmaier of Summit Commodity Brokerage. The market didn’t get it needed shot of positivity last week, with soybean futures on the CBOT.