China buys Brazilian and North American soybeans after falling prices

According to analysts and an export trader, Chinese importers bought a small number of soybean cargoes on the 1st of December for December and January shipments from the US Gulf Coast and Brazilian ports.

Purchases of around three to four cargoes – about 240,000 tons – took place after prices dropped sharply on Tuesday, with Chicago soybean futures falling nearly 2%.

Importers from China, the world’s biggest soy buyer, have registered more Brazilian soy shipments than usual this year during the traditional US export season, amid rising US prices and a stronger dollar.

Check below a history of Brazilian soybean exports to China from 2019. Data are from DataLiner:

Brazilian Soybean Exports (HS 1201) to China | Jan 2019 to Oct 2021 | WTMT

Source: DataLiner (click here to request a demo)

China’s confirmed purchases of US soybeans in this year’s crop totaled about 19.7 million tons as of November 18, according to the latest data from the US Department of Agriculture, compared to nearly 29.2 million tons at the same time last year.

“They are buying from South America and the United States, but our sales window is closing, so we have to be busy. In February, we will no longer be the main exporter. It’s starting to change a lot for South America,” he said.

China has about 85% of its estimated December soy purchases booked, along with about half of its January needs, a US export trader says.

Source: Money Times

To read the full original article, access the link: https://www.moneytimes.com.br/china-compra-soja-brasileira-e-norte-americana-apos-queda-de-preco/

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