Private exporters reported that China bought 708,000 metric tons, or 26.01 million bushels, of 2014/2015 U.S. soybeans, USDA said on Thursday.
This is China's fourth purchase of U.S. soybeans in about week and fifth in July.
"China will import 73 million tons of soybeans in 2014-15. 35% to 40% of them will come from the U.S. That's 17 million bushels every week," said Bryce Knorr, Farm Futures senior grain analyst. "They need to buy a a lot of beans."
Last week's USDA weekly export report showed China is the largest buyer of 2014/2015 U.S. soybeans with 6.675 million tonnes, or 245.2 million bushels. The marketing year for soybeans begins Sept. 1.
USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 tons or more of one commodity, made in one day or quantities totaling 200,000 tons or more in any reporting period.
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