Soybean Exports Surge as China Continues Ag Product Purchases

Soybeans and corn prices have seen a bounce in recent days due to increased demand from China. Randy Martinson, an expert at Martinson Ag, states that soybean exports to China are on the rise, with another 10 million bushels purchased this week.

The total number of soybeans sold to China so far is around 13 million metric tons, nearing their commitment of 25 million metric tons by December 31. Additionally, unknown destinations have accounted for an additional 8 million bushels of soybean exports.

Martinson believes that the upcoming U.S.-China summit on September 24th will lead to further announcements of ag product purchases and potential tariff reductions.

The corn market is also experiencing a bounce, with the market waiting for USDA's corn yield estimate. Martinson notes that below the average trade guess of 178.2-178.4 bushels per acre would be bullish, while above this range would be bearish.