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

Source:  Oilword
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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 disrupted this season’s harvest and led to lower soybean production estimates in the state.

And over the past three weeks, export premium prices for Brazilian yellow soybeans have risen, prompting buyers to seek offers elsewhere.

“Brazilian export premiums are rising sharply as their export season passes its peak, so U.S. soybeans are looking more attractive,” said one European trader. “This opens a window for the US, but the Chinese are still buying from Brazil.”

China’s soybean imports from Brazil rose 11.7 percent in April from a year earlier as fresh Brazilian beans continue to arrive at Chinese ports from flood-hit Brazil, Chinese customs data showed Monday.

Meanwhile, Chinese imports of soybeans from the U.S. in the first four months of the year were down 40% from a year earlier.

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