The United States Department of Agriculture (USDA) confirmed on Thursday (5) an atypical sale of US soybeans to Brazil, which is the largest global producer and exporter of the oilseed, but which deals with high prices and low supply after strong external sales throughout the year. The US sold 30,000 tons of soy to Brazil, based on information from USDA’s weekly report. Reuters had reported shipping 38,000 tons of soy from the U.S. to Brazil according to a shipping agency, which pointed to the shipment leaving from Louisiana. The volume quoted represents the largest transaction of its kind since 1997, when Brazil imported more than 600 thousand tons of the American oilseed, according to data from the US government. US exports occurred after the Brazilian government zeroed the import tariff on soy and corn last month, to deal with high oilseed prices, after the exchange rate boosted Brazilian shipments, especially to China.

Source: Reuters

*Translated by Ia Niani