Hardly any soybean stocks in Brazil

Brazil's suspension of import tariffs on soybeans and corn has not yet resulted in significant oilseed imports, even though the South American country has low stocks. Market participants have so far reacted cautiously to their government's measures because of high costs.
Last Saturday, the Minister for Economic Affairs announced that the import tariffs of 8% for countries outside the Mercosur states should be reduced to "zero" by the beginning of 2021. The aim is to counteract rising food prices in the country and limit inflation.
Brazil sold almost all of its soybean stocks this year because the world market prices were high and the real currency was weak against the US dollar.
The market analyst AgRural confirms today that there are currently hardly any soybean stocks in Brazil. You are now waiting for the next harvest, which is expected in January. In the meantime you have to import. But the US dollar is high, which makes imports expensive.
From January to September 2020, Brazil imported 528,000 tons of soybeans. So far, AgRural assumes that there will be a total of 800,000 tons this year.However, other market observers anticipate that more than 1 million tons will be generated after the tariff reduction is announced. For logistical reasons, however, you cannot procure much more from countries outside the Mercosur countries.

Hansa Terminhandel GmbH
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