Chinese buyers purchase Brazilian soybeans on price edge over US
A drone image shows a farm worker operating a combine harvester during the soybean harvest season in Brazil's southernmost state, on a farm in Lagoa dos Tres Cantos, Rio Grande do Sul state, Brazil. - REUTERS
SINGAPORE/BEIJING: Chinese soybean importers have stepped up purchases of Brazilian cargoes in recent days as South American prices have eased on expectations that a Beijing–Washington trade deal will pave the way for the resumption of U.S. oilseed sales to the world's largest soybean importer.
AI Brief
- Brazilian soybeans are now cheaper than US Gulf cargoes, driving buyer interest.
- Traders report 20 cargoes booked-10 for December and 10 for March to July.
- Chinese processors are increasing purchases from Brazil due to favorable pricing.
"Brazil is now cheaper than U.S. Gulf and buyers are taking this opportunity to book cargoes," said a trader at an international company that runs oilseed processing plants in China. "We are seeing increased demand for Brazilian beans since last week."
Must-Watch Video
Stay updated with our news