June 14, 2024

Analyst says new soybean crop in Brazil should put pressure on US exports – Globo Rural Magazine

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Analyst says new soybean crop in Brazil should put pressure on US exports - Globo Rural Magazine

Soybean exports from the United States fell, while exports from Brazil were strong in December, a sign of the competitiveness of Brazilian oilseeds, which Refinitiv analyst Lipin Chow said tends to gain strength with the entry of a new national crop.

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Soybean Loading (Photo: REUTERS / Roberto Samora)

Soybean Loading (Photo: REUTERS / Roberto Samora)

“As a major soybean importer, China continues to support Brazilian soybeans more than soybeans in the United States,” the researcher said this Wednesday (01/05/).

Zhou pointed out that the new crop in Brazil will hit the market by the end of January, which “puts pressure” on US grain exports.

Soybean exports from Brazil are expected to rise to more than 3 million tonnes in January, compared to the same period last year, according to the National Association of Cereal Exporters (Anec) on Wednesday.

Low supply in the United States, competition from Brazilian soybeans, and China’s weak demand for U.S. products indicate that North American exports will remain relatively weak for the rest of the season.

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