22.
09.23
08:44

Soy: Brazil supplies more soy to China

Soybeans fell noticeably in yesterday's trading. The November date slipped 26.25 cents to 1,293.75 US cents/bu. Soybean meal fell by $6.90 to $390.30/short (402.59 euros/t). The overall bearish environment on the agricultural and raw materials markets had a negative impact. But also disappointing export bookings in the week up to September 14th. caused the delivery pressure. Only 434,000 tons of soybeans were booked in the USA. That was less than the most pessimistic analysts had previously expected. The updated forecasts for Brazil, which were published the day before yesterday, also had an impact on yesterday's trading. Due to a larger cultivated area, the agricultural authority there expects a soybean harvest to be 5 percent higher than last year. The competition from Brazil is also noticeable in Chinese import statistics, for example. The Middle Kingdom imported around 9.09 million tons of soybeans from Brazil in August, meaning the South American country accounts for almost 95 percent of China's total soybean imports. In addition, the development of the US dollar weighed on the soy complex.Due to the prospect of rising interest rates, the dollar has recently gained strength, further limiting the competitiveness of American exporters.

Source
VR AGRICULTURE
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