China orders soy from the USA

Yesterday, soybean meal and soybeans ended the trading session on the CBoT with significant gains, closing with green signs for the third day in a row. The prices were driven by new rumors that China would like to stock up on larger quantities of US soy in the short term. This fits with the USDA's report that China has ordered 132,000 tons of soybeans. Additionally, the awards receive support from ongoing transportation problems on the Mississippi River. The important river continues to have low water levels, making transport to Mexico and many important domestic trade routes more difficult. The analysis house Abiove has increased its forecast for Brazil and now expects a harvest of 164.7 million tons. This puts the estimate above the 163 million tons that the USDA expects for Brazil in the 2023/24 harvest. Abiove also expects the South American country to have higher export potential.

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