Brazil: soybean stocks at record low?

Brazil has increased its forecast of soybean exports by two million tonnes to 76 million tonnes due to strong demand from China. That would cause soybean stocks to drop to a record low at the end of the season.
The statistics authority Conab increased the forecast of the soybean harvest to 119.3 million tons. This would be the second largest harvest ever harvested in Brazil and would lead to a decline in final stocks from 638,000 tonnes (previous month's forecast) to 434,000 tonnes.
The report could be another indication that Brazil could sell out soybeans before the new harvest arrives in warehouses in January. Chinese soybean processors may be forced to buy soybeans in the United States despite the Trump Administration's 25% additional import duty.

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