CBOT: Strong Chinese Demand Keeps Soybeans Firm

Another strong weekly export sales pace of 37.2 million bu. this morning, with Chinese purchases over 50% of the total, provided renewed strength to the soy markets today. Overall export sales are running 30% above 2002 and China's 2003/04 purchases are nearly double their year-ago pace at 2.93 mmt through the first seven weeks of this marketing year. No apparent slowdown in overseas demand has occurred despite the USDA projecting this year's sales to decline to 870 million from 1.04 billion last year.