Brazil exports less soy due to worsening crushing margins in China
Sep, 16, 2021 Posted by Neeharika KhaitanWeek 202136
After record levels at the start of the 2020/21 cycle, Brazil’s soy exports have slowed since June 2021, according to Secex. According to Rabobank’s Agroinfo report, rising oilseed prices and worsening crushing margins in China led to cumulative shipments of 72.7 million tons between January-August.
The number indicates a reduction of two million tons compared to the same period last year. A slight decrease in exports and the maintenance of crushing indicate that soybean stocks have been restored at the end of December 2021, compared to the last three crops.
However, the report also points out that the reduction of the Brazilian corn crop by more than 20 million tons could positively impact soybean exports in the last quarter of 2021, when ports should be idle.
Source: Rural Channel
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