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Brazilian soybean prices have risen, prompting buyers to look elsewhere for offers

Published May 23, 2024

Tridge summary

Chinese government organizations have purchased at least two shipments of soybeans from the U.S. for July delivery, as reported by European and U.S. grain traders to Reuters. The volume of these purchases is not yet clear. This comes at a time when China's purchases of U.S. soybeans have significantly decreased this year due to cheaper South American supplies, particularly as Brazil's flooding has increased import prices, making U.S. soybeans more appealing. Despite these recent U.S. purchases, China's soybean imports from Brazil have increased by 11.7% in April, while imports from the U.S. have decreased by 40% in the first four months of the year.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chinese importers are believed to have bought at least two shipments of soybeans from the United States in the past few days, grain traders in Europe and the United States told Reuters on Tuesday. The exact volume was unclear. One European trader said two shipments of 65,000 metric tons each had been bought for July delivery. A second European trader reported that two shipments were bought on Monday, also for July delivery from the U.S. Pacific Northwest coast, with the buyer believed to be a Chinese government organization purchasing for reserves. The pace of China’s purchases of U.S. soybeans has fallen sharply this year as the world’s largest soybean buyer has increasingly turned to cheaper supplies from South America. The USDA also did not report U.S. soybean sales to China for the 2024-2025 marketing year, according to the agency. Traditionally, Brazil ships most of its soybean crop from March through June. But flooding in the key producing state of Rio Grande do Sul Rio has ...
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