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USDA’s Vaden indicates China is buying new crop soybeans from U.S.

A market analyst says USDA officials have pointed to increased soybean buying activity from China.

Greg McBride with Allendale tells Brownfield, “The Deputy Ag Secretary had mentioned that China has started to buy some of the new crop beans.”

Deputy Secretary Stephen Vaden announced the new crop soybean sales orders during The Wall Street Journal’s Global Food Forum this week.

But McBride says there’s been no data so far to confirm the claim.

“A lot of times what we’re looking for is flash sales that come out at 8 in the morning Monday through Friday,” he said. “Or we’re looking for that to show up in the weekly export sales report. If it happened since last Thursday, we won’t see it until next week.”

Last month, China pledged to buy 12 million metric tons of U.S. soybeans this marketing year and 25 million metric tons annually through 2028.

McBride says new crop soybean sales to China would be a positive signal moving forward.

“It is good to hear that (China) is buying, if that’s true,” McBride said.

He says China has also agreed to purchase at least $17 billion in additional U.S. ag products each year through 2028.

Greg McBride: