Brazilian soybean market could win possible US-Mexico tariff conflict: US farmers

The Brazilian soybean market could benefit from a US-Mexico tariff dispute affecting agricultural products, as Mexico — currently one of the top importers of US soybeans — may switch suppliers to South America, US farmers believe. “In any kind of a trade conflict with the US and any other country that impacts ag commodities, Brazil is definitely the winner because they would be able and ready to supply that gap. They would be the beneficiaries,” Brady Holst, market development committee chair and At-Large Director of the Illinois Soybean Association told S&P Global Commodity Insights. Information from the US Department of Agriculture shows that the US serves as the main exporter and supplier of soybeans and related products to Mexico. In turn, Mexico is the second-largest export market for US soybeans and soybean meal. According to the weekly export report published by the USDA on Feb. 13, exports to Mexico amounted to 80,770 mt between Jan. 31 and Feb. 6 alone. The total ...